A major cryptocurrency trading platform called Hyperliquid is holding a high-stakes competition. Think of it like a sports team opening up a contest to design their new kit. But instead of a jersey, the prize is something much more valuable, the right to create the platform's official stablecoin, a type of digital money.
To get the full picture, you need to know a few things. A decentralised exchange (DEX) is a type of online marketplace for digital assets that, unlike a traditional stock market, is not run by a single company. It’s run by a network of computers and users. The money they use for trading is called a stablecoin, which is a cryptocurrency designed to have a steady value, usually pegged to a real-world currency like the US dollar.
Right now, Hyperliquid relies on a stablecoin called USDC, which is made by a company called Circle. The platform has billions of dollars worth of USDC, and all the money that comes from the interest on those funds goes to Circle. Hyperliquid wants to change that. They’re creating their own stablecoin, named USDH, with the goal of keeping all that financial value within their own community.
The battle to create USDH has attracted many different companies, from well-known players to newcomers like Native Markets. Instead of simply paying for the prize, these companies are having to prove their loyalty to Hyperliquid. They’ve all made promises to give back a huge portion of their profits to the platform.
The winner will be chosen through a special vote by Hyperliquid’s most trusted community members, called validators. While one company, Native Markets, is currently in the lead, the vote is not over. The people who hold Hyperliquid's main token, called HYPE, can still change which validator they support, which could change the outcome of the vote.
It's important to understand that winning the vote for the USDH name doesn't mean the winner automatically becomes the dominant currency on the platform. Hyperliquid's trading systems are deeply connected to USDC, and the platform has made it clear that USDC will remain a primary currency for a long time. The real prize is more symbolic, it’s a powerful signal that the winner is most aligned with Hyperliquid's values and vision.
The competition for the USDH ticker has brought out some of the biggest names in the stablecoin space, each presenting a compelling vision for the future of the Hyperliquid ecosystem. The proposals submitted by the contenders reveal a fascinating new dynamic in the crypto world, where distribution is no longer a given but a prize to be earned through loyalty and shared economics.
This chart provides a clear, quantitative look at the voting landscape. The most significant finding is the commanding lead held by Native Markets. With over 70% of the public-facing stake, their position as the likely winner is strong. This shows that Hyperliquid's community, as represented by its validators, has a clear preference for a team that is deeply integrated and aligned with the platform’s core ethos. The result isn't a fluke, it's a direct consequence of a decentralised system working as intended, where the community's will is reflected in the voting power (Kraken, 2025). The vote’s effect is to validate that a "Hyperliquid-first" mentality is a powerful and winning strategy.
The table also reveals the position of other major players. Paxos, a highly regulated and respected stablecoin issuer, is a distant second. This suggests that while regulatory compliance is a consideration, it is not the top priority for the majority of the voters. Their support, while smaller, represents a faction within the community that believes a partnership with a traditional financial entity would be beneficial for long-term growth and stability (Chainlink, 2024). Meanwhile, Ethena's small percentage of the vote, even before they formally withdrew, shows that a lack of "native" alignment was a major hurdle for them.
The current state of this vote is a powerful statement about the future of decentralised finance. It’s a testament to the fact that in a truly community-run ecosystem, power resides not in a company's size or regulatory standing but in its alignment with the community's values. Native Markets' overwhelming lead shows that the Hyperliquid community prioritises a team that is built from the ground up to serve its specific needs. While Paxos offers the allure of traditional finance, the community seems to have said, "Thanks, but we prefer to build from within." This decision might create challenges for USDH to gain broad acceptance beyond the Hyperliquid network, but it ensures that the project’s future is firmly in the hands of the community.
The broader conclusion is that Hyperliquid is the real winner here. The platform has successfully demonstrated its immense value by attracting top-tier stablecoin issuers who are willing to bend their business models to compete for its distribution (JPMorgan, 2025). The vote for USDH is not just about a name, it’s a public auction for Hyperliquid's loyalty. By forcing these companies to offer generous revenue-sharing models, Hyperliquid has secured a future where a significant portion of stablecoin yield will flow directly back to its community. This sets a new precedent for how decentralised platforms can leverage their influence to benefit their own ecosystems (Investopedia, 2023). The vote will decide who gets the USDH crown, but Hyperliquid has already secured its throne at the top of the decentralised finance world. The fight for USDH is over, and the Hyperliquid community has already won.