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Promote with Leviathan NewsHyperliquid’s planned USDH stablecoin became the center of a public bidding contest among major crypto firms, with proposals submitted through Hyperliquid’s governance process and validators ultimately set to decide the winner. Reports described the process as a competition between several well-known issuers and ecosystem teams, including Paxos, Ethena, Frax, Agora, and Native Markets, all vying for the right to launch the ticker and capture the reserve revenue tied to stablecoin issuance. The story matters because Hyperliquid has become one of the largest venues in DeFi, with roughly $5 billion in USDC parked on the platform and more than $120 million in monthly revenue reported in coverage of the auction. That meant the winner would not just launch a new token, but potentially redirect meaningful yield from an incumbent stablecoin issuer back into the Hyperliquid ecosystem, making the outcome a high-stakes test of crypto’s community-driven governance and stablecoin competition. Later coverage says Native Markets won the bidding and was preparing to begin testing soon after the vote, while some reporting also noted that Ethena stepped back from the race after concerns were raised by validators and community members. The episode was widely framed as an unusually visible example of how large crypto companies can be forced to compete in public for protocol-level business under decentralized governance rather than through private commercial deals.
AI-generated background, compiled from web sources — not editorial content.
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