Early votes in Hyperliquid’s highly anticipated USDH stablecoin election show Native Markets, backed by Stripe, in an initial lead despite community pushback.
As of Thursday morning Hong Kong time, Native Markets holds 30.8% of the delegated stake, driven by major validators infinitefield.xyz (13.5%) and Alphaticks (5.2%). Paxos Labs, the issuer behind PayPal’s PYUSD, has captured 7.6% of support, with Ethena at 4.5%. Other contenders, including Agora, Frax, and Sky, have yet to secure meaningful backing, while 57% of stake remains unassigned. Votes from top validators such as Nansen x HypurrCollective (18%) and Galaxy Digital will likely determine the final outcome ahead of the September 14 deadline.
Native Markets’ proposal leverages Stripe’s Bridge infrastructure, offering yield-sharing for Hyperliquid’s Assistance Fund and HYPE buybacks. Critics, including Agora CEO Nick van Eck, warn that Stripe’s dual role in launching Tempo blockchain and controlling Privy wallet may pose conflicts. Still, supporters cite Stripe’s global payment rails as a strategic advantage.
The stakes are high: Hyperliquid currently holds $5.5B in USDC deposits, roughly 7.5% of the stablecoin’s supply. Replacing part of this with USDH could redirect hundreds of millions in annual treasury yield. Paxos pledges 95% of reserve earnings to HYPE buybacks; Frax promises 100% to users; Agora offers full net yield plus institutional custody; and Sky proposes 4.85% returns plus a $25M Hyperliquid Star initiative to bolster DeFi on the chain.
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