Native Markets is emerging as the frontrunner for the USDH ticker, buoyed by early validator support and a collaboration with Stripe-owned Bridge. As of now, Native holds about 65% odds in the betting market, significantly ahead of competitors like Paxos and Ethena. Key validators including Infinite Field and CMI Trading have pledged their votes to Native, appreciating its Hyperliquid alignment and operational efficiency. In a recent roundtable, bidders were pressed on the mechanics of USDH issuance, with Native committing to direct minting on HyperEVM without any cross-chain complications. Transparency and enforceability were also focal points, with Native promising hard-coded agreements on reserve yield. Meanwhile, Paxos has adjusted its proposal to heighten its competitiveness, pivoting to a stronger emphasis on regulatory compliance. The landscape remains dynamic, with potential disruptions from Paxos' distribution capabilities and Ethena's innovative financing structures for USDC migration, though Native's timely adjustment to validator needs seems advantageous. However, community concerns regarding a dependency on a Stripe subsidiary for infrastructure may emerge as a pivotal factor.

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