THE BIDDING WAR FOR USDH ON HYPERLIQUID

Summary from the TLDR Crypto newsletter

Hyperliquid's upcoming native stablecoin, USDH, has drawn competing proposals from Paxos, Frax, and Agora, each offering different approaches to compliance, yield sharing, and ecosystem integration. Paxos leans on regulatory clarity and institutional bridges like PayPal, and Frax emphasizes zero-fee DeFi-native efficiency with frxUSD backing, while Agora pledges 100% net revenue sharing through a coalition model with partners like Rain and LayerZero. The outcome, chosen by validator vote, will shape how Hyperliquid transitions away from its current heavy reliance on USDC.