Author: Paul | Shoal

Translation: Deep Tide TechFlow

With @HyperliquidX planning to launch USDH, we have already seen major competitors vying for issuance rights, even promising to return up to 100% of reserve interest and revenue to the Hyperliquid community.

A quick recap for friends who are unfamiliar:

• Stablecoins are at the core of Hyperliquid's business model, just like any perpetual contract exchange.
• The current total amount of stablecoins on HyperEVM is approximately $5.72 billion, of which about 95% is USDC. In other words, about 95% of the stablecoin supply on Hyperliquid is currently subject to freezing.
• It is clear that this situation is neither sustainable nor desirable for Hyperliquid. The demand for launching a Hyperliquid native stablecoin has been discussed for some time.
• Interestingly, Hyperliquid is now allowing its token holders to vote on who will become the native issuer of USDH.

@Paxos

• Issuing USDH in a fully compliant manner, adhering to GENIUS/MiCA standards, with global banking channels and fiat deposit/withdrawal capabilities.
• Allocating 95% of USDH reserve interest for HYPE buybacks.
• Interestingly, @paxoslabs recently acquired Molecular Labs, the team behind the development of LHYPE and WHLP.

@Frax

• Issuing USDH, pegged 1:1 to frxUSD (which is itself backed by tokenized U.S. Treasury bonds).
• Returning 100% of USDH reserve earnings to Hyperliquid, with no fees taken by Frax.
• USDH will support multi-chain instantly (on any chain where frxUSD exists), while still maintaining HyperEVM native properties.

@fiege_max

• Issuing globally compliant stablecoin USDH cross-chain from day one.
• Allocating a "meaningful share" of reserve earnings to an aid fund.
• Directly minting USDH on HyperEVM and enabling HyperCore transfer functionality from day one.

@withAUSD

• Issuing USDH cross-chain, equipped with globally compliant deposit/withdrawal infrastructure.
• Allocating 100% of the net income from USDH treasury assets to an aid fund or for HYPE buybacks.
• Utilizing partner alliances to minimize centralized dependencies (including agora, @raincards, @LayerZeroCore, and @vaneckus).

Some Thoughts

• Revenue sharing is important (very important!), but I don't think it will determine the success or failure of the trading. We have already seen that most bidders offer a high percentage of revenue sharing for HYPE buybacks. Minor differences (like 5-10%) won't really change the situation (for example, Ethena's 100% vs. Paxos's 95%).
• Compliance can indeed provide a better fiat deposit/withdrawal experience, but it also brings potential freezing risks.
• Multi-chain distribution should be a focus, especially since USDH should be easily accessible from other chains, minimizing the use of middleware or intermediary contracts. However, I don't think this alone is enough to change the situation.

I see many people suggesting @ethena_labs or at least wondering if they will participate in the bidding. This could be a good opportunity for Ethena to surpass Circle. However, I don't think the Hyperliquid community would accept Ethena; the competitive relationship and potential conflicts between the two make the situation too complicated. Nevertheless, I wouldn't be surprised if they participated in the bidding.

I can also imagine @M0, @paypal, and @SkyEcosystem participating in the bidding. Additionally, I agree with @jon_charb's point; no one is talking about the possibility of Circle itself participating in the bidding, but it is indeed worth noting.

On the other hand, some have suggested blacklisting the code for USDH and having the foundation develop an internal stablecoin themselves. This is also an interesting direction for development. However, I don't think the Hyperliquid foundation is interested in building a stablecoin from scratch.

In summary, the proposal deadline is September 10, and I expect we will see one or two more exciting proposals. I'm just here to enjoy the spectacle and this competition. Regardless of who ultimately wins, the quality of the bidders speaks for itself.

May the best bidder win, Hyperliquid.

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