Native Markets has taken the lead in Hyperliquid's voting for its USDH stablecoin contract, securing 30.8% of the delegated stake as of Thursday morning in Hong Kong. However, a significant 57% of the total stake remains unassigned, leaving room for potential shifts before the voting deadline on September 14. Key players include infinitefield.xyz and Alphaticks, while Stripe-backed projects like that of the New York-regulated issuer behind PayPal’s PYUSD hold 7.6%. The issuing of USDH could impact Hyperliquid’s substantial $5.5 billion in USDC deposits, redirecting hundreds of millions in annual Treasury yields. Various validators like Paxos and Frax have offered yield-sharing proposals to encourage participation. Currently, Bitcoin is up 2.6% to around $114,053, while Ethereum also shows positive movement. Investors remain cautious, awaiting U.S. inflation data that could affect future Fed cuts.

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