In brief
- The startup beat out Paxos, Ethena, and others, with validators and prediction markets pushing odds to above 90% before the vote.
- Native Markets’ proposal splits reserve yield between Hyperliquid’s Assistance Fund and growth, with reserves managed via Bridge, BlackRock, and Superstate.
- The next test for USDH would be whether it could break the dominance of USDC and USDT, Decrypt was told.
Native Markets was awarded the USDH stablecoin ticker on Sunday, following a governance vote among Hyperliquid validators.
The newly formed firm edged out established bidders after prediction markets and validator commitments swung heavily in its favor, capping one of the most closely watched governance decisions in crypto this year.
Ethena, once considered a strong challenger,
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Author: Vince Dioquino
