PAXOS, FRAX, AGORA COMPETE TO ISSUE HYPERLIQUID'S USDH STABLECOIN

Summary from the TLDR Crypto newsletter

Hyperliquid is preparing to launch USDH, a Hyperliquid-native stablecoin, with issuers competing for the contract through validator vote. Paxos proposed a MiCA- and GENIUS-compliant USDH with HYPE buybacks and zero-fee conversion from USDC, Frax offered a “community-first” model that forwards 100% of Treasury yields to users via frxUSD, and Agora pledged 100% net revenue share backed by State Street and VanEck reserves. A fourth team, Native Markets, also submitted a bid using Stripe-owned Bridge, while Ethena hinted it may join the race. Validator voting will determine the issuer on September 14.