BASTION PROPOSES TO ISSUE HYPERLIQUID'S USDH STABLECOIN

Summary from the TLDR Crypto newsletter

Bastion, a regulated stablecoin issuer with a New York trust charter and broad MTL coverage, has submitted its proposal to issue Hyperliquid's native USDH. Unlike other contenders, Bastion doesn't run a competing chain or stablecoin, positioning itself as a neutral infrastructure partner with strong U.S. regulatory compliance. The proposal calls for USDH to be a full-stack stablecoin with segregated, bankruptcy-remote reserves, 95% of yield reinvested into Hyperliquid growth, and global on/off-ramp access via partners like Rain, LayerZero, and Securitize. Bastion argues USDH should serve as the base stablecoin for the ecosystem, with others built on top of it rather than as wrappers.