krakenfx has offered to list Paxos-issued USDH (with free USD on/off ramps) + HYPE from Day 1

Kraken has publicly offered to list Paxos-issued USDH, a proposed new stablecoin for the Hyperliquid ecosystem, alongside Hyperliquid’s native HYPE token from the first day of launch, with free USD on/off ramps, pending its normal approval process. This follows Paxos’ own announcement that Kraken has agreed in principle to support USDH if Paxos wins Hyperliquid’s competitive process to select an issuer for the USDH stablecoin. The offer would give Hyperliquid users direct access to USDH and HYPE via a major centralized exchange, with fiat rails handled by a large, regulated stablecoin provider. The background is Hyperliquid’s governance-driven process to assign the USDH ticker for its ecosystem stablecoin, where bidders such as Paxos, Ethena, and Native Markets are competing to displace USDC as the dominant collateral on the platform. Paxos’ proposal includes issuing USDH as a dollar-pegged stablecoin and using reserve interest to buy back the HYPE governance token, aiming to reinforce value for the protocol’s users and validators while leveraging Paxos’ existing institutional distribution network. Kraken’s willingness to list both USDH and HYPE from day one, combined with free USD deposit/withdrawal ramps for USDH, is positioned as a distribution and liquidity advantage for Paxos’ bid that could accelerate adoption of USDH if the Hyperliquid community ultimately approves it.

✨ AI-generated background, compiled from web sources — not editorial content.

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