The number of stablecoins is growing. Hyperliquid, a decentralized exchange (DEX) for derivatives trading, is planning to launch its own stablecoin called USDH. The coins will comply with GENIUS standards, allow for revenue sharing, and be launched globally.
Hyperliquid has its own Layer-1 blockchain and native HYPE token. The project is focused on trading with up to 40x leverage. The exchange currently controls about 70% of the decentralized perpetual futures market and records a monthly trading volume of almost $400 billion in derivatives and $20 billion in spot trading. The platform generates approximately $106 million in revenue. The vast majority of stablecoins used there are USDC. Thus, USDH will become an alternative to the displaced assets such as USDC.
Validators are currently offering issuers Paxos has proposed to use 95% of its reserve income to buy back HYPE tokensas it offers coins that comply with both the US GENIUS Act and the European MiCA system
Frax offered a community-oriented approach, passing 100% of the yield on treasury bonds to userswith zero commission
Agora Coalition emphasizes neutrality and coherenceby pledging all net proceeds to buy back HYPE or to the Hyperliquid Relief Fund
Ethena also expressed interest.
Hyperliquid has set September 10 as the deadline for submitting proposals, and voting is scheduled for September 14.
Source: Hyperliquid
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