Stripe Faces Intense Competition for Hyperliquid’s USDH Stablecoin

The launch of Hyperliquid’s new USDH stablecoin is facing fierce competition, with several crypto firms challenging Stripe’s attempt to secure a license and issue the token. Native Markets was first in line, proposing that Stripe’s bridge payment processor, Bridge, issue USDH directly through its native network, with part of the profits going to Hyperliquid’s Assistance Fund. Agora and MoonPay countered with their own proposals. Agora CEO Nick Van Eck argued against Stripe issuing USDH due to potential conflicts of interest, while MoonPay highlighted the regulatory advantages of its existing user base.