Hyperliquid’s governance token HYPE climbed above $50 during Asian trading hours, boosted by new bids to manage the decentralized exchange’s proposed stablecoin, USDH.

According to CryptoSlate’s data, the token gained more than 7% in the last 24 hours to reach $50.08, edging close to its August peak of $51.

This upward momentum reflects confidence in Hyperliquid’s stablecoin strategy, which has drawn attention from established issuers.

Paxos bid for USDH

Paxos, a long-time stablecoin operator, entered the race with a proposal led by its new division, Paxos Labs.

The group, formed in June, said it would ensure that USDH complies with stablecoin regulatory frameworks in Europe and the US while deploying the token directly on Hyperliquid’s two chains, HyperEVM and HyperCore.

It also stated that USDH would hold the highest quality T-Bills, Repos, and USDG reserves.

Meanwhile, the proposal offered an aggressive revenue-sharing model.

According to Paxos, 95% of interest from USDH reserves would go toward buying back HYPE and this redistribution would be earmarked for ecosystem partners and users.