Hyperliquid Seeks Proposals to Launch USDH Stablecoin—But Some Call Foul Play

Hyperliquid, a popular decentralized exchange with a special low-1 network, has opened proposals for teams to publish a USDH Stablecoin that will be “hyperliquid-first” and “hyperliquid-released”.

However, one established hyperliquid stablecoin protocol calls for false play, because it was previously blocked for using the USDH -Ticker. And the timing of the announcement of the foundation has also asked other questions.

The Discord announcement posted on Friday says that the USDH-Ticker should go to a team that has to build a “hyperliquid-first, hyperliquid-released and conformed USD Stablecoin.” Validators will vote for the best team for the next five days to build a “native” Stablecoin on Hyperliquid.

At the time of writing, three messages were made in the USDH Discord Proposals Canal. Has been one Usually rejected The community has accused another of having a lead and the third is the excitement of controversy.

Indigenous markets made his proposal just over an hour after the announcement was made. The team threw his hat in the ring to build a brilliant ACT-compliant stablecoin with integrated Fiat Gateway Hyperliquid Assistance Fund. This proposal has so far received the most disagreement reactions of each proposal.

The already established hyperliquid Stablecoin protocol, however HyperstableHas also stepped forward to reduce the USDH plans.

The author of the post, who just goes through Max, claimed That the USDH -Ticker was blacklisted earlier, so hyperstable was forced to use Ush instead of. Max argued that it is ‘unfair’ to change that, because many builders have already played, launched and ‘achieved the point of no return’.

“It seems unfair that the goal posts have now been shifted after the match started months ago,” wrote Max. “If the foundation wants to retain their reputation as credible neutral towards all current and future teams that build on HyperevM, I strongly recommend that they will keep the USDH-Ticker on the black list for an indefinite period or build an internal stable themselves.”

Discord user ShishoThe apparent co-founder of Hyperliquid Dex-Agregator Liquidpushed back to this argument and claimed that the goal posts have not been shifted; Instead, the regulatory environment, after signing the genius law, has in the law.

However, that was not the end of the complaints. Another user called Hyper -brancher Claims that the proposed indigenous markets implementation address was funded by a freshly created wallet that was suspected of the USDH announcement financed by hyperliquid -only five hours earlier.

“Are native markets independently active, or is there an unknown relationship with HL Labs/HL Foundation?” Hyperindigator wrote at Discord: “If such a relationship exists, given that the validators of the Hyper Foundation> 60% of the Steates -Hype have control, will the Hyper Foundation -Validators still participate in voices about this?”

Max van Hyperstable added That the proposal of the indigenous markets seems to be carefully written and long and to increase his suspicions that the team received a heads-up.

Hyperstable, native market proposal Max Fiege, and hyperliquid did not respond immediately DecryptThe requests for comments.

In the midst of the controversy, hyperliquid valeters must make their choice in the next five days for which Team will receive the USDH -Ticker. Once Quorum has been reached, the ticker is released at the address of the winning proposal.

It’s just the last in a series of stablecoins that appeared throughout the year, with people like President Trump-Linked World Liberty Financial Releasing USD1Metamask who is preparing to release his own Mmusd Stablecoinand even large retailers like Amazon and Walmart explore the option.

“Stablecoins have proven to be the most dominant, breakout use case from Crypto,” Paul Faecks, founder and CEO of Stablecoin Network Plasmatold Decrypt. “This includes everything, from defi to payments. As the industry evolves, we expect that many more stablecoins will be launched by institutions, chains and existing applications in chains.”