In brief
- Hyperliquid has opened proposals for teams to issue a USDH stablecoin on its network.
- Validators will have five days to vote on proposals, with the ticker being unlocked for the winning team once quorum is reached.
- But an established Hyperliquid stablecoin protocol is calling it “unfair,” as it pursued the ticker in the past.
Hyperliquid, a popular decentralized exchange with a dedicated layer-1 network, has opened proposals for teams to issue a USDH stablecoin that will be “Hyperliquid-first” and “Hyperliquid-aligned.”
However, one established Hyperliquid stablecoin protocol is calling foul play, as it was previously blocked from using the USDH ticker. And the timing of the Foundation’s announcement has drawn other questions, as well.
The Discord announcement posted on Friday says the USDH ticker should go to a team building a “Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin.” Validators will vote over the next five days for the best team to build a “natively minted” stablecoin on Hyperliquid.
At the time of writing, three posts have been made in the USDH Discord proposals channel. One has been
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Author: Ryan Gladwin
