Stablecoin Competition Heats Up as Hyperliquid Announces USDH Launch

Hyperliquid is gearing up to launch its own stablecoin, USDH, and the race is on for companies vying to issue it. Leading stablecoin issuers Paxos, Frax Finance, and Agora are among those competing alongside a new team called Native Markets. This competition follows Hyperliquid’s recent announcement about launching USDH, which relies heavily on USDC and aims to create a stablecoin tailored to its ecosystem while ensuring regulatory compliance and reducing reliance on external issuers like Circle.