Hyperliquid set a new all-time high of $55.04 on Tuesday morning, before drawing back slightly to $53.70 amid a 4% daily and 23.4% weekly surge. It comes as several established teams submit proposals to take over the USDH ticker to create a “Hyperliquid-aligned” stablecoin.

Teams wishing to create the “Hyperliquid-first” stablecoin have until Wednesday to submit a proposal via Discord. Validators will begin voting on them at the end of the week. So far, there have been 21 proposals—although some of them are jokes—including submissions from established stablecoin projects like Paxos, Frax Finance, and Agora.

Hyperliquid is a decentralized exchange with its own dedicated layer-1 network. It has become a hub for crypto traders to make big bets. In March, a crypto whale opened a Bitcoin short position worth approximately $521 million, with 40x leverage applied—prompting a group to attempt to liquidate the trader.



While stablecoins are already on the network, the USDH ticker has been restricted from use. The Hyperliquid Foundation confirmed via Discord that the USDH stablecoin will not get special privileges, and other stablecoins will persist on the network. Still, the ticker is clearly attractive to established stablecoin players, boosting the network's mindshare, as it breaks a new all-time high.

“By anchoring to a native stablecoin, Hyperliquid reduces its dependence on external assets like USDC or USDT, while tightening the integration between trading, settlement, and liquidity within its derivatives platform,” Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, said in a note. “In many ways, USDH is less about competing directly with Tether, or USDT, or USDC and more about redefining how stablecoins align with the core economics of individual protocols.”

Staying true to the “Hyperliquid-aligned” purpose of the ticker, many teams are suggesting models that will feed back into the ecosystem. Native Markets’ proposal, for example, says it will share its reserve proceeds with the Hyperliquid Assistance Fund. Equally, Agora’s proposal says it will share 100% of its revenue with the Hyperliquid ecosystem.

With this, Hyperliquid has broken its previous all-time high of $47.73 set in August 2025. It comes as the token has climbed 23.4% over the past seven days, peaking at $55 and settling at $53.70. Hyperliquid now sits at a $14.5 billion market capitalization as the 14th largest cryptocurrency, according to CoinGecko.

"Hyperliquid has set a new ATH at $55.85, coming off as one of the major altcoin sensations in the market because of its unique value propositions in the derivatives market. Despite growing competition, Hyperliquid’s HYPE is considered a way to buy into one of the most promising DEX platforms in the industry," Ryan Lee, Chief Analyst at Bitget, told Decrypt. "In a market that is gradually getting saturated by whale presence, loyal community backing has ultimately translated into a valuation boom for HYPE."

However, the stablecoin proposals haven’t come without their controversies. 

Shortly after the USDH contest opened, the already existing Hyperliquid stablecoin protocol, Hyperstable, called foul play. It suggested that other teams, namely Native Markets, had been given a heads-up about the USDH contest, calling it “unfair” as Hyperstable had previously pursued the ticker and were told it wasn’t available.

Others pushed back on this sentiment by suggesting that Hyperliquid didn't move the goalposts. Rather, the regulatory environment surrounding stablecoins has shifted following the signing of the GENIUS Act into law.

Regardless, bids to take control of the ticker have heated up as validator votes are set to kick off on Sunday.

"This stablecoin is already being pitched as a major rival to USDC, and its issuance will help concentrate liquidity that can further drive HYPE price," Lee explained. "Ultimately, the industry is leaning into the growth potential of HYPE and the confidence it can rank among the top 5 cryptocurrencies in the long term."

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