The decentralized exchange plan and the chain of layer 1 Hyperliquid’s Plan to launch a patented stable, USDH, has become one of the most controversial governance battles in recent years in Crypto.
At stake is the control of a token piggado in dollars that could replace the $ 5.5 billion of USDC, which currently represents 95% of the platform Stablingin supply, and generate hundreds of millions in revenues from yields of the treasures of the United States. The vote of the validator on September 14 will decide who issues the USDH.
The contest has attracted heavyweight bidders, including Paxos, Frax, as well as a coalition that involves Agora and Moon Pay, but the fiercest debate is on a proposal linked to Stripe’s Bridge Platform.
Some community members warn that delivering control of the monetary layer of the exchange to Stripe, which is building its own block chain called Tempo and already controls the wallet infrastructure through its private acquisition, would be equivalent to giving economic sovereignty to a competitor.
Proposal: Agora Stablecoin infrastructure to feed the USDH with a coalition of better class suppliers.
Introduction
If the hyperlichid renounces its canonical stable to Rayar, an emitter integrated vertically with clear conflicts, what are we all doing?Summary
-…– Nick Van Eck (@nick_van_eck) September 7, 2025
“If the hyperlichid renounces its canonical stable to Rayar, an emitter integrated vertically with clear conflicts, what are we doing?” Nick Van Eck, CEO and Agora co -founder wrote, which has a proposal in front of the voters.
In announcing his participation in the Agora coalition, the president of Moonpay, Keith Grossman, emphasized that his payment processor has more licenses and verified users than Stripe or Bridge, saying that “the USDH deserves a scale, credibility and alignment, not to capture Bs.”
Full field
Paxos has presented 95% of the reserve profits in Bombo token repurchases, relying on its history of a decade as a regulated issuer. Frax offered a “First Community” model, which passed through 100% of the treasure performance to users with Zero Take.
Agora’s offer emphasized neutrality and alignment, promising 100% of the net income for bomb -of the Hyperliquid assistance fund.
With Ethena insinuating that he can enter the race, the alignment of the bidders could expand, adding another layer of complexity to a field already full of people.
Each proposal offers a different vision of how the USDH should work: from the regulatory approach of Paxos for the Frax user performance model to the agora hypernational coalition backed by institutional custodians and payment rails oriented to the consumer.
Hyperlichid dominates the defi derivative market, with almost a market share of 80%. Given the growth of the hyperlichid ecosystem, the right to issue your native stablcoin would be incredibly lucrative for those who receive the contract.
Hyperliquid established September 10 as the deadline for proposals, are expected more in the next 48 hours, and on September 14 as the date for the vote of the validator. The Hyperliquid Foundation also said that it “effectively abstains”, leaving the decision to the validators.
