Hyperliquid's USDH Stablecoin Race: Paxos, Frax, and More
Update: 2025-09-08
Description
Hyperliquid's move to launch its own stablecoin, USDH, has ignited a fierce competition! Six major players, including Paxos and Frax Finance, are vying to become the issuer, pitching unique strategies for revenue and backing assets. With proposals ranging from U.S. Treasury Bill reserves to native minting, Hyperliquid's validators face a tough decision that could reshape the DeFi landscape. Who will win the USDH race?
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