Stripe is facing opposition in its effort to issue Hyperliquid’s planned USDH stablecoin, as a coalition of crypto firms, including MoonPay and Agora, proposes alternative plans. The Hyperliquid team expressed a desire to launch a compliant USD stablecoin under the ticker USDH. In response, Native Markets submitted a proposal committing to regulatory compliance and contributing reserve proceeds to Hyperliquid’s treasury. Agora's CEO cautioned against Stripe's involvement, citing potential conflicts of interest, while MoonPay's president pledged support for Agora's initiative. The proposals must also compete with efforts from stablecoin issuer Paxos, which plans to use USDH reserves for community benefits, and Frax, promising to redistribute all earnings back to the community. This competition highlights a surge in stablecoin activity amid increasing regulatory scrutiny, with multiple jurisdictions starting to license stablecoin projects.

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