- Native Markets leads early voting with 30.8% of delegated stake in Hyperliquid’s USDH contest.
- Paxos Labs holds 7.6% support; major validators including Nansen x HypurrCollective (over 18%) remain undecided.
- Hyperliquid holds about $5.5 billion in USDC deposits (~7.5% of the stablecoin’s supply); the winner would steer large treasury yields.
- Issuers have pledged different uses of yield: Paxos 95% to HYPE buybacks, Frax 100% to users, Agora 100% net yield with custodianship, Sky 4.85% returns plus a $25 million Hyperliquid program.
As of Thursday morning Hong Kong time, voting on who will issue USDH for the Hyperliquid exchange shows an early lead for Native Markets, which has secured 30.8% of delegated stake in the vote. The initial results come from the first signs of how validators are leaning.
Support is concentrated among a few validators: infinitefield.xyz holds 13.5% and Alphaticks 5.2%. Paxos Labs stands at 7.6% with backing from B‑Harvest and HyBridge, and Ethena has about 4.5%. Several high-profile proposals, including from Agora, Frax, and Sky, have not yet gained significant stake. Overall, 57% of delegated stake remains unassigned.
Some of the largest validators have not cast a vote. The block of undecided stake includes Nansen x HypurrCollective — the single largest validator with over 18% — and Galaxy Digital. Where these validators place their support will influence whether Native Markets keeps its momentum before the Sept. 14 deadline.
Native Markets is proposing a USDH issued via Stripe’s Bridge infrastructure and promises yield-sharing to Hyperliquid’s Assistance Fund and HYPE buybacks. Critics, including Agora CEO Nick van Eck, warn that Stripe’s concurrent development of the Tempo blockchain and control of wallet provider Privy could create conflicts. (Validators are the entities that run network nodes and vote on protocol decisions.)
The outcome matters because Hyperliquid holds roughly $5.5 billion in USDC deposits, about 7.5% of that stablecoin’s supply. Issuers have outlined differing plans for reserve yields: Paxos pledged 95% to HYPE buybacks, Frax pledged 100% to users, Agora offered 100% of net yield with institutional custodianship, and Sky proposed 4.85% returns plus a $25 million “Hyperliquid Star” program. Hyperliquid already captures nearly 80% of decentralized perpetuals trading.
Market moves: Bitcoin traded near $114,053 (up 2.6% day), Ether near $4,374 (up 2%), and Gold held around $3,635 an ounce after a recent peak. Asia markets opened mixed and the S&P 500 hit a record 6,532.04 on Wednesday.
Elsewhere in crypto: a public dispute involving a CFTC hopeful and Tyler Winklevoss was reported by CoinDesk; Polygon-hard-fork-address-finality-bug-transaction-delays?utm_source=rss&utm_medium=rss” target=”_blank”>Polygon rolled out a hard fork to fix a finality bug; and Elliott Management warned of broader risks in crypto.
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