The hyperliquidal plan for the decentralized exchange and the layer 1 chain to launch a owner Stablecoin, USDH, has become one of the most controversial governance battles in recent years in crypto.
The stake is the control of a pointed token in dollars which could replace the $ 5.5 billion in USDC, which currently represent 95% of the supply of the platform, and generate hundreds of millions of revenues from yields on American treasury bills. The validator’s vote on September 14 will decide who publishes USDH.
The competition attracted bidders of heavy goods vehicles, notably Paxos, Frax as well as a coalition involving Agora and Moonpay, but the fiercest debate is on a proposal related to the Pont de Stripe platform.
Some members of the community warn that the control of the monetary layer of the exchange in Stripe, which builds its own blockchain called tempo and already controls portfolio infrastructure thanks to its private acquisition, would constitute the famous economic sovereignty to a competitor.
Proposal: Agora Stablecoin Infrastructure to supply the USDH with a coalition of better class suppliers.
Introduction
If the hyperliquid abandons their canonical stablecoin to scratch, a transmitter integrated vertically with clear conflicts, what do we all do?Summary
-…– Nick van Eck (@nick_van_eck) September 7, 2025
“If the hyperliquid abandons their canonical stablecoin to scratch, a vertically integrated transmitter with clear conflicts, what do we even do?” Nick Van Eck, CEO and co-founder of Agora, who has a proposal before the voters, wrote.
By announcing his participation in the Agora coalition, the president of Moonpay, Keith Grossman, stressed that his payment processor holds more licenses and verified users than Stripe or Bridge, saying that “the USDH deserves the scale, credibility and alignment – not the capture of BS”.
Crowded
Paxos presented 95% of the reserve profits in redemptions of media threshing tokens, relying on its decade of a decade as a regulated issuer. Frax offered a “community first” model, passing 100% from the Treasury yield to users with zero taken.
Agora’s offer highlighted neutrality and alignment, promising 100% of net income for media threshing buyouts or the hyperliquid assistance fund.
With Ethena, referring to the race, the range of bidders could develop, adding another layer of complexity to an already congested field.
Each proposal offers a different vision of how the USDH should work: from the regulatory approach to Paxos, first of the user performance model of Frax to the hyper-native coalition of Agora supported by institutional guards and payment rails oriented towards consumers.
The hyperliquid dominates the Defi derivative market, with almost 80%market share. Given the growth of the hyperliquid ecosystem, the right to issue its native stable would be incredibly lucrative for those who obtained the contract.
Hyperliquid set on September 10 as the deadline for proposals – others are expected in the next 48 hours – and September 14 as a voting date of the validator. The hyperliquid foundation also said that it “would abstain effectively”, leaving the Validators the decision.
