Early Asian Trading: Native Markets Ahead in Votes for Hyperliquid USDH Contract

Early voting in Hyperliquid’s USDH stablecoin election shows Native Markets, aligned with Stripe, taking an initial lead despite some community concerns.

As of Thursday morning Hong Kong time, Native Markets commands 30.8% of the delegated stake, with major validators infinitefield.xyz (13.5%) and Alphaticks (5.2%) at the forefront. Paxos Labs, issuer of PayPal’s PYUSD, holds 7.6% support, while Ethena sits at 4.5%. Other contenders, including Agora, Frax, and Sky, have yet to attract substantial backing, with more than half the stake (57%) still unassigned. Top validators like Nansen x HypurrCollective (18%) and Galaxy Digital remain key to the final outcome ahead of the September 14 deadline.

Native Markets’ proposal uses Stripe’s Bridge infrastructure, offering yield-sharing for the Assistance Fund and HYPE buybacks. Critics, including Agora CEO Nick van Eck, caution that Stripe’s control of Tempo blockchain and Privy wallet may create conflicts, but supporters see global payment integration as a major advantage.

The winner will replace part of Hyperliquid’s $5.5B USDC deposits, potentially redirecting hundreds of millions in treasury yield. Paxos pledges 95% of earnings to HYPE buybacks; Frax promises 100% to users; Agora offers full net yield plus institutional custody; Sky proposes 4.85% returns plus a $25M DeFi initiative.

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