Hyperliquid is launching its USDH stablecoin, and the community is in the final phase of voting to decide who will build and manage this new asset. Major players:Paxos, Frax, Agora, and Sky are competing for the issuance contract, with the validator vote scheduled to conclude in the coming days.
USDH promises a competitive annual yield and could generate over $220 million per year in revenue for the ecosystem, with a significant portion directed toward HYPE token buy-backs. The project will provide a native alternative to USDC and has the potential to shift the DeFi dynamics on Hyperliquid.
