Native Markets Takes Home The Prize, Secures USDH Ticker After Heated Race

Native Markets, one of many groups that submitted a proposal to concern and handle the Hyperliquid crypto trade’s US greenback stablecoin (USDH), formally claimed the USDH ticker on Sunday, following a group vote.

The project will deploy the inaugural Hyperliquid Enchancment Proposal (HIP) for USDH and an ERC-20 token, the token customary for the Ethereum community, within the coming days, Max Fiege, founding father of Native Markets, mentioned in an X post. He additionally outlined the subsequent steps:

“We’ll then begin with a testing part for mints and redeems of as much as $800 per transaction with an preliminary group, to be adopted by the opening of the USDH/USDC spot order e book, in addition to uncapped mints and redeems.”

Native Markets’ odds of successful the ticker spiked to over 99% on Saturday, on prediction market Polymarket, following artificial stablecoin issuer Ethena’s withdrawal from the race on Thursday. 

The USDH bidding war was carefully adopted by the crypto group and trade executives, resulting in accusations of a rigged choice course of and reflections on the way forward for the stablecoin sector as a complete.

Associated: Inside the Hyperliquid stablecoin race: The companies vying for USDH

Hyperliquid’s USDH bidding struggle attracts criticism and sparks debate

Crypto trade executives voiced combined reactions to the USDH bidding course of and the end result of the vote, which noticed established stablecoin, crypto, and fee corporations lose out to a newcomer. 

“Beginning to really feel just like the USDH RFP was a little bit of a farce,” Haseeb Qureshi, managing accomplice of enterprise capital agency Dragonfly, said on Tuesday.

“Listening to from a number of bidders that not one of the validators are excited about contemplating anybody in addition to Native Markets. It isn’t even a severe dialogue, as if there was a backroom deal already achieved,” Quershi added.