Stripe's efforts to issue the USDH stablecoin face competition from a coalition of crypto firms, including MoonPay and Agora, who have proposed alternative plans. On Discord, Hyperliquid announced its goal to launch a compliant USD stablecoin under the USDH ticker. Native Markets has put forth a proposal to support Hyperliquid's Assistance Fund, but Agora's CEO criticizes the involvement of Stripe, highlighting potential conflicts of interest. He calls for caution regarding Stripe's role, questioning its financial motives. MoonPay's president supports Agora's proposal, emphasizing the need for a stablecoin with integrity. Competing proposals from Paxos and Frax further intensify the stakes, with Paxos promising to use USDH reserves to buy back Hyperliquid's native token, while Frax pledges to return all earnings back to the community. This situation illustrates the increasing competition in the stablecoin market as regulatory scrutiny expands, with various regions pursuing licenses for stablecoin operations.

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