Hyperliquid, the giant behind 80% of decentralized perpetual trading, is launching its own stablecoin USDH—but with a twist. Instead of building it themselves, six major players including Paxos, Ethena, Sky, Frax, Agora, and Native Markets are battling for the right to issue it.

AI-generated source summary

The video discusses Hyperliquid launching its own stablecoin USDH, decided by a validator vote on September 14th. Paxos, Athena, Sky, and others are competing, with 5.6 billion in current deposits. At a 4% Treasury yield, 220 million per year is generated in interest. This could reshape the competitive landscape of digital dollars, but the author mention Circle captures all the revenue. The author stated that USDH gets back to the hyperliquid ecosystem instead of to Circle, but some community members warned the reliance of Native Markets on Bridge for stablecoin issuance could present a single point of failure. Paxos secret weapon would be the partnership with Paypal. This video outlines a plan for USDH backed by Sky’s resources. This new project can autonomous grow DeFi on HyperLiquid. The goal is to make it possible to reach 60.

AI-generated summary based on the source content.

Evidence and evaluation progress

1. Original source published

   13 Sept 2025, 10:25 UTC

   The analyst published the original source item.

2. Source recorded by Tahlil Plus

   18 May 2026, 20:23 UTC

   The public source was preserved as the evidence record for this case.

3. Market predictions extracted

   18 May 2026, 20:47 UTC

   1 eligible signal linked to this case.

4. Outcome tracking started

   19 May 2026, 01:30 UTC

   Tahlil Plus began monitoring the extracted predictions.

5. First prediction resolved

   19 May 2026, 01:30 UTC

   The first evaluable outcome in this case reached a terminal result.

6. Case evaluation completed

   19 May 2026, 01:30 UTC

   All evaluable predictions in this case reached terminal outcomes.