Various firms compete for rights to issue Hyperliquid’s USDH stablecoin

On September 8th, Hyperliquid announced plans to launch the USDH stablecoin, inviting bids from four firms.

Paxos proposes a 95% interest for HYPE repurchases, while Frax backs USDH 1:1 with frxUSD at no fees. Agora pledges to share 100% of net revenue.

Hyperliquid currently possesses approximately 5.5 billion USD in USDC deposits.