Hyperliquid Exchange has initiated an open bidding process for the issuance rights of its USDH stablecoin, breaking the traditional monopoly held by Tether and Circle. Institutions like Paxos and Frax Finance are competing with distinct proposals:Paxos advocates for a compliance-focused approach, pledging to use 95% of interest income to repurchase Hyperliquid’s native token HYPE and leveraging its traditional finance resources to drive ecosystem growth.Frax Finance proposes a DeFi-native sol...

Hyperliquid Exchange has initiated an open bidding process for the issuance rights of its USDH stablecoin, breaking the traditional monopoly held by Tether and Circle. Institutions like Paxos and Frax Finance are competing with distinct proposals:Paxos advocates for a compliance-focused approach, pledging to use 95% of interest income to repurchase Hyperliquid’s native token HYPE and leveraging its traditional finance resources to drive ecosystem growth.Frax Finance proposes a DeFi-native sol...