Inside the Hyperliquid stablecoin race: The companies vying for USDH

September 12, 2025

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Hyperliquid’s first stablecoin vote has drawn bids from Paxos, Frax, Sky, Agora and newcomer Native Markets, with billions in trading volume and stablecoin flows on the line.

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Inside the Hyperliquid stablecoin race: The companies vying for USDH

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