Who will win the USDH ticker on Hyperliquid?
Feels it's a fight between the corporate side of crypto vs DeFi native solutions.
Main players:
Native Markets
• Hyperliquid-first, issued directly via HyperEVM (then bridged to Core)
• Reserves with BlackRock and Superstate via Bridge
• Regulatory cover in US, EU, BVI
• Yield split: 50% to Assistance Fund, 50% to USDH growth
• Notable team: ex-Uniswap COO, ex-Paradigm researcher, HL backers
So the pitch full alignment with Hyperliquid. Would feel in line what Unit is doing with Hyperliquid.
But on Discord ppl question their experience: HL is their first project.
Also, Native Markets winning could be another HL eco airdrop :)))
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Paxos
• Runs PayPal USD and experience with Binance's BUSD
• NYDFS regulated, MiCA compliant, proven at scale
• Yield split: 95% of reserve yield to HYPE buybacks (5% would be for skin in the game)
Strong compliance but feels more corporate and is chain-agnostic. Might be a safe choice to attract institutions/whales to HL.
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Frax
• DeFi-native, backed 1:1 with frxUSD and Treasuries
• Full onchain reporting
• Yield split: 100% of Treasury yield passed to HL users
I like it as it is a strong fit with DeFi culture but maybe too small for Hyperliquid’s first stable?
Would be huge for $FRAX
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Sky
• USDS built on Hyperliquid’s risk framework
• Backed by Treasuries and Collateralized Loan Obligations, $8B balance sheet
• Yield split: 4.85% return on all USDH held on HL which is much higher than Treasuries offer.
As Frax, I love that it is DeFi native so great match for HL. • Sky could move it's Buyback system to HL so extra alignment areas possible.
The main thing people question on Discord is GENIUS compliance
Merge of two DeFi giants.
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Agora
• White label issuer with State Street custody and VanEck management
• Infra partners include MoonPay and LayerZero
• Yield split: 100% of net revenue to HYPE buybacks or Assistance Fund
Most common issue is no existing track record with large scale stablecoin issuance
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Polymarket gives odds to Paxos and Native Market but very low liquidity so might be irrelevant.
You can follow the votes directly on here (just remove the spaces) www. flowscan. xyz/usdh
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