Hyperliquid, the powerhouse behind 80% of decentralized perpetual trading, is rolling out its own stablecoin—USDH—but with a twist: six big names (Paxos, Ethena, Sky, Frax, Agora and Native Markets) are duking it out for the right to issue it. It’s the biggest stablecoin auction in DeFi history, and the action kicks off with a community vote on governance and validators.
With a whopping $5.6 billion in deposits and $220 million in annual revenue on the line, the winner takes more than just a badge—they get a front-row seat in the next chapter of the stablecoin wars. Expect Wall Street eyeballs, fierce competition and a major shake-up in how DeFi moves forward.
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