Decentralized exchange hyperliquid (THRESHING) Prepares to launch its own Stablecoin US dollar, according to a Friday announcement of the hyperliquid foundation on the Discord server of the platform.
The protocol has reserved the Ticker USDH, which the validators will soon vote to allocate through a chain governance process, the announcement said. The teams interested in deploying USDH can submit proposals, and the winning group will be selected by Validator Quorum, added the position.
“The USDH Ticker is well suited to a hyperliquid, focused on hyperliquid, to Stablecoin USD compliant with hyperliquid and compliant,” he said.
Stablecoins are a crucial element of cryptographic market infrastructure, serving as pairs of liquidity and trading to adjust most of the trades. It is an asset class of $ 270 billion, currently dominated by the USDT of Tether and USDC of Circle. However, with a regulation implemented as genius act in the United States, industry players are increasingly creating their own token for their ecosystems. The popular Wallet Crypto Wallet Metamask is launching a stablecoin with M0 infrastructure provider, while the Stripe payment company has created its own stable coin with bridge.
The commercial activity of hyperliquid suggests that there could be an immediate request. The scholarship managed $ 398 billion in volume of perpetual derivatives and $ 20 billion in occasional transactions last month, according to Defillama data. USDC Circle (USDC) Currently dominates liquidity, representing 95% of the offer of $ 5.6 billion on the network.
By introducing his own stablecoin, hyperliquid, in theory, could reduce dependence on the circle while capturing the income of assets supporting the token.
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