Stripe faces resistance in its bid to issue the USDH stablecoin launched by the Hyperliquid project, as a coalition of cryptocurrency companies including MoonPay, Agora, and Rain has proposed competing proposals alongside Paxos and Frax.
On Friday, in a Discord message, the Hyperliquid team announced its intention to create a "Hyperliquid-prioritized, Hyperliquid-consistent, and compliant dollar stablecoin," coded as USDH. Subsequently, the Native Markets team submitted the first proposal, which would have Stripe's stablecoin payment processor Bridge issue USDH.
The Native Market proposal promises to contribute a "meaningful share" of its reserve earnings to Hyperliquid's assistance fund treasury, directly minting within the ecosystem and complying with regulatory requirements. However, Agora co-founder and CEO Nick Van Eck submitted an alternative proposal opposing the Stripe-related plan:
"If Hyperliquid hands over its regulated stablecoin to Stripe—a vertically integrated issuer with clear conflicts of interest—what are we even doing?" Van Eck questioned. He added that Agora "strongly urges caution in using Stripe (Bridge) as the issuer."
Van Eck claimed that Bridge lacks sufficient financial infrastructure and product experience, and also pointed out that Stripe's announcement of plans to launch its own Tempo blockchain could present a conflict of interest. "Stripe is committed to driving activity in the ecosystem," he said, and asked:
On Sunday, MoonPay President and board member Keyth Grossman announced that the payment processor is joining Agora's proposal for Hyperliquid to issue USDH and "providing a regulated payment rail to drive this initiative." Like Van Eck, he harshly criticized the Native Markets proposal. "USDH should have scale, credibility, and consistency—not nonsensical capture. This is our coalition, not Stripe," he said.
Rob Hadick, a general partner at venture capital firm Dragonfly.xyz, shared his enthusiasm. In a post on X on Sunday, he wrote that MoonPay joining the coalition makes this the "undisputed best" proposal for USDH issuance.
In addition to the Stripe-related proposal, the coalition must also compete with stablecoin issuer Paxos. On Sunday, the company also submitted a proposal to launch USDH, promising to use a certain percentage of the interest earned on USDH reserves to buy back Hyperliquid's native token HYPE and redistribute it to users, validators, and partner agreements.
Another competing proposal comes from the Frax blockchain, which promises to return all earnings from USDH—backed by its frxUSD—to the community. "We have proposed a plan that others cannot match: giving everything back to the community," the proposal states.
This competition highlights the increasingly active landscape of the stablecoin sector, with regulators and financial institutions getting involved. Reports indicate that HSBC and the Industrial and Commercial Bank of China are preparing to apply for stablecoin licenses in Hong Kong, where a new framework took effect on August 1.
Adoption is also rapid, as Kazakhstan's financial regulators recently allowed the use of stablecoin payment licenses and regulatory fees pegged to the dollar.
Wyoming in the United States also plans to launch a locally government-authorized stablecoin called Frontier Stable Token (FRNT). The company 1Money, which is building a first-layer blockchain for stablecoin payments, recently announced it has obtained up to 34 U.S. money transmission licenses, as well as a Bermuda license.
Earlier this month, European Central Bank President Christine Lagarde called on EU lawmakers to address regulatory gaps in stablecoins. ECB Executive Board member Piero Cipollone stated in April: "[U.S. government policy] could not only lead to further costs and data losses but could also result in euro deposits moving to the U.S."
Related: Paxos proposes to issue a stablecoin centered around Hyperliquid, using proceeds for HYPE buybacks
Original article: “MoonPay and others compete with Stripe for Hyperliquid USDH stablecoin issuance”
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