Who will win the Hyperliquid USDH issuance rights? Betting on Native Markets with a 95% chance of winning.

The bidding war for the issuance rights of Hyperliquid's native stablecoin, USDH, has become a hot topic in the cryptocurrency world. According to data from the on-chain prediction platform Polymarket, Native Markets currently holds a significant lead over its competitors, boasting a 95% chance of winning, making it the team most likely to emerge victorious.

The bidding war for the issuance rights of Hyperliquid's native stablecoin, USDH, has become a hot topic in the cryptocurrency world. According to data from the on-chain prediction platform Polymarket, Native Markets currently holds a significant lead over competitors with a 95% win rate, making it the team most likely to emerge victorious.

A crowded field of competitors: established players and startups compete side by side.
Decentralized derivatives exchange Hyperliquid recently announced plans to launch its native stablecoin, USDH. The issuer will be selected through an on-chain governance vote. This immediately attracted eight competing institutions, including Native Markets, Ethena, Paxos (PayPal's stablecoin partner), Frax, Agora (founded by Nick VanEck, which recently completed a $50 million Series A funding round), Sky (formerly MakerDAO), and infrastructure companies BitGo and OpenEden.

However, Ethena, once considered a strong contender, withdrew from the race on Thursday.

Currently, Native Markets has the best chance of winning. Co-founded by Max Fiege, an early advocate of Hyperliquid, the company already controls over 30% of delegated voting rights, far surpassing the second-place Paxos, which holds 7.6%.

The Hyperliquid Foundation has pledged to relinquish its voting rights.
Based on a neutral and impartial stance, the Hyperliquid team has removed its staked HYPE tokens from voting weight, returning decision-making power to the community. The Hyperliquid Foundation has also pledged to vote for the team with the most non-foundation votes, effectively relinquishing its voting rights.

The governance vote will take place on Sunday, September 14th. The winner will assume responsibility for managing Hyperliquid's $5.9 billion stablecoin reserve, currently dominated by Circle's USDC (the platform's largest trading pair).

"Default" Controversy
Paxos' proposal focused on compliance with the EU's MiCA and the US's GENIUS Act, promising to use 95% of reserve earnings to repurchase HYPE. Agora, on the other hand, offered a "100% net profit sharing with Hyperliquid."

In contrast, Native Markets' proposal pledged to contribute a "substantial portion of reserve earnings" to Hyperliquid's aid fund and complied with the GENIUS Act. Its team included former Uniswap Labs President MC Lader and blockchain researcher Anish Agnihotri.

However, the bidding process remained contentious. Dragonfly co-founder Haseeb Qureshi criticized the bidding process as "a bit of a farce," with the outcome seemingly predetermined.

OAK Research founder Lilian Aliaga also questioned how Native Markets, a startup, could submit its proposal so quickly and receive such overwhelming support.

Ethena Labs founder Guy Young supported Native Markets, arguing that this was a reflection of the Hyperliquid community spirit: "This is a level playing field, where startups can earn community support and have a fair chance to succeed."

In response to external criticism, Native Markets founder Max Fiege said, "We do not take our responsibility to prove ourselves lightly."

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The exciting "Team Sprint Limited-Time Rewards" event has successfully concluded! During the week-long challenge, we witnessed the outstanding performance of numerous teams and the extraordinary leadership of their leaders. The official results of the prize draw are as follows:

🏆 List of Team Leaders Who Reached the Reward Threshold

Congratulations to the following teams for successfully reaching the total recharge amount target. Their leaders have received corresponding additional rewards:

📋 List of Winners (Partial Examples)

548****35 - Total Team Recharge > 30,000 USDT - Reward: 999 USDT 🥇

712****89 - Total Team Recharge > 15,000 USDT - Reward: 369 USDT 🥈

325****64 - Total Team Recharge > 8,000 USDT - Reward: 158 USDT 🥉

943****21 - Total Team Recharge > 3,000 USDT - Reward: 69 USDT ✅

267****43 - Total Team Recharge > 1,000 USDT - Reward: 28 USDT ✅

Note: The above is a partial list of winners. Please check your account status for the complete list. All team leaders who reached the corresponding recharge threshold have received their rewards.

🏅 Reward Level Details
Team Total Recharge Target Level | Corresponding Reward (USDT) | Reward Status

> 1,000 USDT | 28 USDT | Issued ✅

> 3,000 USDT | 69 USDT | Issued ✅

> 8,000 USDT | 158 USDT | Issued ✅

> 15,000 USDT | 369 USDT | Issued ✅

> 30,000 USDT | 999 USDT | Issued ✅

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🔒 Privacy Statement
To protect user privacy, user IDs have been partially hidden in the published list. To confirm whether you have won, please log in to your account to check your reward distribution record.

🙏 Acknowledgements and Outlook
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🎉 Latest lucky winners:
518****832　369****631
802****659　447****769
156****383　684****232
925****149　773****517
661****724　298****039
439****866　712****973
883****122　536****619
204****817　971****371
655****027　389****138
742****449　916****662

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