The encryption platform has sparked a stablecoin bidding war for the issuance rights of USDH.

On September 17, Jin10 reported that a “bidding war” for stablecoins is providing a preview of the next stage in the rapidly evolving cryptocurrency sector and who might dominate this phase. This competition is taking place on the fast-growing trading platform Hyperliquid, with the core reward at stake being the right to issue USDH. USDH is a new token native to the platform's network and pegged to the US dollar. The participants in the bidding are key players in the crypto payment space: Paxos, Agora, Ethena, and the lesser-known startup Native Markets (which has partnered with Stripe's stablecoin division, Bridge). This competition is not just about “honor”; it also involves economic logic at the survival level. Stablecoin issuers do not simply “mint” digital dollars; they can also earn interest income from the assets that support these tokens. For example, Circle Internet Group, which issues the USDC stablecoin, shares this portion of income with Coinbase Global through a protocol that helps both companies hedge against market fluctuations. As the market expects interest rates to decline this week, the urgency to expand market share has become more pressing.