Hyperliquid, the DeFi trading powerhouse handling 80% of decentralized perpetuals, is shaking things up by launching USDH—but they’re outsourcing issuance to six heavyweights (Paxos, Ethena, Sky, Frax, Agora, Native Markets) locked in the biggest stablecoin auction in DeFi history: $5.6 billion in deposits and $220 million in annual revenue up for grabs. The live community vote will decide who mints USDH and could mark a turning point in the stablecoin wars, rewriting the rules for DeFi.
All of this hinges on governance, validators, and community stakes, with Circle’s USDC team watching their revenue streams hang in the balance. The winner not only gains minting rights but also the power to shape the future of stablecoins—and potentially kick off the next DeFi revolution.
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