Several major crypto projects are competing to gain control of the USDH ticker to create a stablecoin aligned with Hyperliquid. Companies like Ethena, Paxos, and Agora have proposed plans that promise to benefit the Hyperliquid community. However, Native Markets, a newer contender, is currently the frontrunner. Hyperliquid, operating on its own layer-1 network, aims to launch a stablecoin to capture lucrative yields from the stablecoin market, which is currently dominated by USDC and USDT. Proposals from various companies focus on compliance with new U.S. legislation and returning revenue to Hyperliquid. Native Markets intends to create a GENIUS Act-compliant stablecoin, using reserve management through a known platform, and supporting community initiatives. Ethena, backed by BlackRock, proposes significant revenue sharing and transaction cost coverage for utilizing USDH. Paxos emphasizes global compliance and multiple fiat onramps. Sky, rebranded from MakerDAO, suggests a multichain approach with substantial yields for users. Agora warns against conflicts of interest involving Stripe as a partner for Native Markets. The competition culminates in an on-chain vote by Hyperliquid validators on Sunday, determining the winner for launching USDH.

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