Stablecoin Showdown: Stripe, MoonPay, and Crypto Chaos 😅

by

In the dusty corners of the crypto frontier, where ambition collides with absurdity, Stripe finds itself in a brawl over Hyperliquid’s shiny new USDH stablecoin. A motley crew of crypto cowboys-MoonPay, Agora, Rain, Paxos, and Frax-are riding into town with competing proposals, each claiming they’re the chosen ones to mint this digital gold. 🤠

Hyperliquid, in a Friday Discord missive that felt more like a wanted poster, declared its desire for a “Hyperliquid-first” stablecoin. Native Markets fired the first shot, suggesting Stripe’s Bridge payment processor handle the job. They promised to toss some reserve proceeds into Hyperliquid’s Assistance Fund treasury, mint directly on the ecosystem, and stay squeaky clean with regulators. But oh, the drama was just beginning.

Agora’s co-founder and CEO Nick Van Eck, a man who probably sleeps in spurs, wasn’t having it. He galloped into the fray with a proposal of his own, scoffing at the idea of handing the reins to Stripe. “If Hyperliquid gives its canonical stablecoin to Stripe-a vertically integrated giant with enough conflicts to fill a saloon-what’s the point of any of this?” he hollered. Van Eck argued that Bridge lacks the financial infrastructure and product experience needed, adding that Stripe’s Tempo blockchain ambitions were a recipe for betrayal. “How long until Stripe starts steering users away from Hyperliquid and onto Tempo? Mark my words, folks.” 🚜

Against Bridge Issuing USDH

Van Eck wasn’t pulling punches, pointing out Stripe’s fledgling financial roots and their looming blockchain plans as glaring red flags. Then, as if on cue, MoonPay’s president Keyth Grossman rode in on Sunday, tipping his hat to Agora’s proposal and throwing shade at Native Markets. “USDH deserves scale, credibility, and alignment-not some half-baked capture scheme,” he declared, clearly unimpressed. Grossman vowed MoonPay would provide the “regulated payment rails” to power the initiative, because apparently, everyone loves a good rail metaphor in crypto. 🛤️

Dragonfly.xyz’s Rob Hadick, channeling the enthusiasm of a prospector who just struck oil, took to X (formerly Twitter) to declare MoonPay’s addition to the coalition the “unarguable best” proposal. Meanwhile, Paxos and Frax weren’t about to let the party pass them by. Paxos promised to use USDH reserve interest to buy back Hyperliquid’s HYPE token, redistributing it like a generous outlaw sharing his loot. Frax, ever the idealist, pledged to give all earnings back to the community, boldly stating, “We’re proposing something no one else will match.” Spoiler alert: everyone else did match it, but louder. 💸

Crypto chaos illustrated

This stablecoin showdown is just the tip of the iceberg-or should we say, the tip of the blockchain? Regulators and financial institutions are circling like vultures, eager to stake their claim. HSBC and ICBC are reportedly prepping stablecoin license applications in Hong Kong, while Kazakhstan’s regulators have greenlit stablecoin payments for licensing fees. Wyoming, ever the rebel state, is launching its own Frontier Stable Token (FRNT), and 1Money has secured a whopping 34 US money transmitter licenses. It’s like the Wild West, but with fewer tumbleweeds and more spreadsheets. 📊

Meanwhile, across the pond, European Central Bank President Christine Lagarde is waving her arms like a shepherd trying to corral sheep, urging EU lawmakers to tighten stablecoin regulations. ECB board member Piero Cipollone warned of euro deposits fleeing to the US, a prospect that likely keeps him up at night. And so, the saga continues-a tale of ambition, rivalry, and the eternal quest for digital dollars. Who will emerge victorious? Place your bets, folks. The only certainty is that the dust won’t settle anytime soon. 🌵

Read More

2025-09-08 17:39