New Hyperliquid stablecoin to compete with USDC đ„Whatâs new: - Hyperliquid reserved the USDH ticker and will hold an on-chain validator vote to choose a team to deploy a native, âHyperliquid-aligned, compliantâ dollar stablecoin. đ€Why it matters: - A native stablecoin could shift billions sitting in USDC on Hyperliquid and redirect roughly $220M in annual yield to HYPE holders if assets migrate. đ§Driving the news: - Validators will allocate the USDH ticker via on-chain governance after the next network upgrade, with teams submitting proposals in Discord and the winner earning deployment rights. - After approval, the chosen team must also win a gas auction before USDH goes live, signaling a competitive, governance-first rollout rather than a centrally issued coin. đ
The big picture: - Hyperliquid wants a âHyperliquid-firstâ stablecoin to reduce dependence on Circleâs USDC, a dominant liquidity source on the venue today - The move mirrors a broader trend as players like...
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