Native Markets—a startup co-founded by an early Hyperliquid contributor—won a competitive community-led bid to issue USDH, Hyperliquid’s native, compliant USD stablecoin. This victory came after a heated bidding process involving major players like Paxos, Frax, Ethena, Agora, and BitGo, where Native Markets’ proposal emphasized reserve management across on- and off-chain assets, with yields directed toward
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