Native Markets, supported by Stripe, takes the lead in the vote for the USDH stablecoin issuance on Hyperliquid with 30.8% of the votes, but 57% of voting power remains undecided, leaving the competition open until September 14th.
The Stripe Project Wins Despite Criticism
Despite conflict of interest criticisms related to Stripe, its global payment infrastructure and the promise to fund the Assistance Fund and HYPE buybacks appeal to a majority of validators and Polymarket bettors.
The competitors Paxos, Ethena, Agora, Frax, and Sky offer high returns but struggle to compete against Native Markets, whose election could redirect hundreds of millions of dollars of annual returns to Hyperliquid.
The Vote Shaping Hyperliquid’s Financial Future
The vote that could reshape the financial future of the Hyperliquid ecosystem started strong: Native Markets, backed by Stripe, is the early favorite. Thursday morning, the team had accumulated 30.8% of the delegated votes thanks to heavyweights like infinitefield.xyz (13.5%) and Alphaticks (5.2%).
But the game-changer is yet to come: 57% of voting power has not yet been allocated. Among these undecided voters, prominent actors like Nansen x HypurrCollective, the network’s top validator (18% alone), and Galaxy Digital are included. It’s safe to say the balance could shift before the scheduled closing on September 14th.
Meanwhile, Polymarket bettors are mostly betting on Native Markets, reaching over 95% chances of victory.
Underperforming Competitors
Paxos Labs, the regulated New York issuer and PayPal partner (PYUSD), is at 7.6% with the support of B-Harvest and HyBridge. Following closely is Ethena with 4.5%. Despite ambitious proposals, Agora, Frax, and Sky have not yet overwhelmingly seduced validators.
The contrast is stark: some promise almost total revenue sharing to users, with Frax announcing 100%, Agora 100% net yield with institutional custody, Sky (formerly MakerDAO) promising a 4.85% return and a $25 million investment plan to boost on-chain DeFi.
Despite more impressive incentives, it is the newcomer Native Markets that seems close to victory, surprising many members of the Hyperliquid ecosystem…
What Hyperliquid Is Really Playing For
Beyond a mere governance issue, the economic future of the platform is at stake. Hyperliquid currently holds $5.5 billion in USDC deposits, approximately 7.5% of the stablecoin’s total supply. Replacing these reserves with USDH would redirect hundreds of millions of dollars in annual returns.
And knowing that Hyperliquid accounts for nearly 80% of decentralized perpetual trading, it’s clear why this decision weighs more than just a technical choice. The issuer who wins the USDH ticker will not only launch a stablecoin but will also establish themselves at the heart of the financial infrastructure of one of the most explosive exchanges in the crypto scene.
