OpenEden and BitGo are competing to issue Hyperliquid's USDH stablecoin, joining seven other contenders. Hyperliquid validators will vote on the proposals from Thursday to Sunday, with prominent competitors including Ethena, Paxos, and Native Markets. OpenEden’s proposal focuses on distributing all yield from USDH reserves back to the Hyperliquid ecosystem, including token buybacks and incentives for validators, with reserves stored in a tokenized US Treasury Bills Fund managed by The Bank of New York Mellon. On the other hand, BitGo emphasizes its regulatory compliance, planning to use dollar-backed assets and Chainlink’s protocol for interoperability while also staking HYPE tokens from yield generated. Currently, Native Markets leads the voting with 33.73% of stakeholder support, while 46.49% of the stake remains unassigned. Observers have raised concerns over Native Markets' favored position, complicating the competitive bidding narrative.

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