Today is #Hyperlinquid Hyperliquid ($HYPE )#USDH stablecoin bidding proposal deadline, with over 10 institutions/schemes participating in the competition, aiming to reduce Hype's reliance on $USDC and #coinbase , gain initiative, and maximize community benefits.
Highlights of core bidders
Ethena: Issued with USDTb as collateral, 95% of reserve income goes to Hype, reimbursing users for migration costs from USDC.
Paxos: Compliant stablecoin in the US, providing enterprise-level settlement and auditing, with 95% of interest income used for HYPE repurchase and ecological distribution, seen as a boost to expand into the US market.
Agora: In alliance with Paradigm, Moonpay, etc., 100% of net income is returned to Hype for token buybacks, providing a complete fiat deposit and withdrawal solution, with community predictions of its leading position.
Frax: Relying on frxUSD (backed by BlackRock's BUIDL fund and other bonds), 100% of net income goes to Hype, creating a seamless exchange combination with USDT/USDC.
Native Markets: Proposed by the Hype native community, focusing on deposit and withdrawal cooperation, with income prioritized for community assistance funds and the long-term development of stablecoins, rather than solely for buybacks.
Curve: Abandoning direct bidding, planning to issue dUSDH based on USDH collateral to obtain fixed income and revenue sharing.
Special Role
Circle did not participate in the bidding but emphasized the advantages of USDC in liquidity and cross-chain, without mentioning income dividends or token buyback plans.
