Bidders vying to build Hyperliquid’s stablecoin are swarming the protocol.
So far, six organisations have posted proposals on the protocol’s Discord server after Hyperliquid announced it will launch a stablecoin on Friday, a move that will reduce its dependency on external issuers.
The plan is to let the validators who run the network decide who will get the privilege of purchasing the right to launch the stablecoin, which will trade under the ticker USDH.
Hyperliquid is the biggest perpetual futures exchange in DeFi. It handled a whopping $378 billion in trading volume over the past month, per DefiLlama data.
However, it currently denotes its spot markets using Circle’s USDC and Tether’s USDT stablecoins, the two biggest stablecoins on the market.
Hyperliquid’s USDH will compete with USDC and USDT on the protocol, reducing its dependency on third-party stablecoins, and potentially capturing additional revenue.
Validators will be able to vote on their preferred proposal after Hyperliquid’s next network upgrade, a date for which has yet to be announced.
