Hyperliquid Stablecoin Vote: Stripe vs. Paxos
Update: 2025-09-11
Description
Stablecoin Wars! A fierce battle for control of Hyperliquid's massive $5.5B USDC ecosystem is underway. Stripe-backed Native Markets leads, but with 57% of votes uncast, a last-minute power grab is expected before the September 14th deadline. The prize? Launching the new USDH stablecoin and potentially reallocating hundreds of millions in yield. But concerns of conflicts of interest swirl around Stripe's involvement. Meanwhile, Bitcoin, Ethereum, Gold, and global markets surge amidst rate cut optimism.
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