I see many teachers have shared about today’s launch of the USDH bidding by Hyperliquid, and the teachers are very professional, even thoughtfully providing images to outline the situation of each bidding party.
I won’t repeat it here, but let’s analyze the impact of USDH on the stablecoin sector, and provide some additional details about other bids, as well as the announcement timeline for the bidding results👇
Differences between USDH and USDT👏
The native stablecoin USDH launched by Hyperliquid mainly uses reserve income to return to the community & , while $HYPE. The goal is to reduce dependence on USDC and reshape the platform's closed loop.
In simple terms, USDH is not just a simple dollar substitute; it represents a new model of "stablecoin + governance + yield". If it successfully takes off, it will accelerate the entry of stablecoins into the ecological competition phase and may capture a portion of the market share from USDC\USDT.
Moreover, it will greatly enhance the ecological construction and stability of Hyperliquid, increasing user stickiness by 100%.
Responsibilities of the winning bidder🧠
Whether it's Paxos participating in the bidding or Frax Finance, each proposal reflects different priorities, from regulatory safety to user rewards.
However, all proposals share a common goal: to build a resilient and community-centered stablecoin for Hyperliquid.
That is to say, regardless of who wins the bid in the end, the winning party in the USDH system must assume a hybrid role of "issuer + asset manager + clearing institution"—ensuring a 1:1 reserve, maintaining compliance disclosure, and returning reserve income to the ecosystem.
Key milestones in the follow-up bidding❗️
