Bitcoin.com News previously reported on Paxos on Sunday, Sept. 7, and Paxos’s written bid highlights its decade in regulated issuance, including stablecoins that reached multibillion-dollar circulation, and a plan to make USDH native on HyperEVM and HyperCore.

Hyperliquid is a decentralized exchange (DEX) built on its own layer one (L1) that runs a fully onchain order book and risk engine. The network comprises Hypercore, which handles trading state and matching, and HyperEVM, a general-purpose, Ethereum-compatible environment secured by the same HyperBFT consensus. The venture has unveiled plans for an imminent stablecoin introduction, named “USDH,” prompting three distinct organizations to contend for the role of its foundational infrastructure provider.

Paxos possesses a formidable history in the stablecoin domain, having launched the Pax Dollar (USDP) and the Global Dollar (USDG). This foundation is complemented by its stewardship of Paypal’s stablecoin, PYUSD, and its proprietary gold-backed token, PAXG. The company said it will route 95% of interest from USDH reserves to buy back HYPE and fund ecosystem initiatives, and it points to U.S., European, and Asian regulatory footprints.

Paxos adds that it acquired Molecular Labs, the provider behind LHYPE and WHLP, to deepen its Hyperliquid integration. Alongside the proposal from Paxos, Agora Finance is also pursuing the opportunity to supply Hyperliquid with stablecoin infrastructure. Agora is a stablecoin-infrastructure startup founded by Nick van Eck that builds issuance, custody, fiat rails, and compliance tooling for dollar-pegged tokens.

The startup’s flagship product is AUSD, a 1:1 U.S. dollar-backed stablecoin with proof-of-reserves (via Chaos Labs) and traditional partners including State Street (custody/admin) and Vaneck (asset management). Agora proposes a coalition approach: its issuance stack paired with Rain for cards and fiat connectivity and Layerzero for cross-chain operability. The Agora bid names State Street as reserve custodian and fund administrator and Vaneck as asset manager, with onchain proof of reserves via Chaos Labs.

Agora commits to seeding at least $10 million of liquidity on day one and says it will share 100% of net revenue from USDH’s treasury assets to buy back HYPE or fund the Assistance Fund, framing the design as Hyperliquid-first and GENIUS-aligned. Frax’s plan would back USDH one-to-one with frUSD, designed to comply with the GENIUS standard and backed by U.S. Treasurys via institutions such as Blackrock and Superstate, while forwarding the entirety of underlying Treasury yield on-chain to Hyperliquid users.

Through its account layer Fraxnet, Frax says USDH would be native to Hyperliquid but instantly multichain, with programmatic distribution of rewards and a stated zero take rate. A scenario in the bid maps today’s stable balances and a 4% annual rate to show potential flows directed by governance. All three proposals stress compliance and institutional connectivity.

Paxos cites licensing in the United States and operations aligned with European rules, with payment rails for fiat on- and off-ramps and conversions among existing stablecoins. Agora emphasizes prudential licensing and large-scale traditional finance partners, and Frax points to transparent, onchain proofs and public dashboards tied to distributions. Each bidder markets cross-chain reach: Paxos through enterprise distribution, Agora via Layerzero’s interoperability, and Frax through Fraxnet’s connectivity.

Where they differ most is revenue flow. Paxos proposes allocating 95% of interest from reserve assets toward HYPE buybacks and ecosystem programs; Agora pledges 100% of net revenue to buybacks and the Assistance Fund; Frax says it will take no cut and forward underlying yield onchain with governance selecting distribution sinks. Timelines and implementation steps vary in detail, with Frax and Paxos outlining contract and deployment priorities and Agora committing initial liquidity and integrations at launch.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。