In the dusty plains of blockchain, a new sheriff is in town-USDH, Hyperliquid’s shiny new stablecoin, has two suitors knockin’ on its digital door, hats in hand and promises flyin’ like tumbleweeds in a storm. 🌪️
Paxos and Frax Finance, two old hands in this wild west of crypto, have thrown their ten-gallon hats into the ring, each claimin’ they’re the one to tame this bronco of a stablecoin and ride it to glory. 🤠
Paxos: The Compliance Cowboy 🤵
On a fateful day in September, Paxos tipped its hat and declared it’d bring USDH to market, braggin’ about its years of wranglin’ regulated stablecoins and its global posse of partners. 🌍
With a chest puffed out like a rooster at dawn, they claimed their experience with BUSD-a stablecoin that once strutted around with $25 billion in its pockets-makes ’em the perfect candidate to meet those fancy GENIUS and MiCA standards. 📜
“USDH’ll be backed by the finest reserves,” they said, “US Treasuries, repos, and USDG-the whole shebang.” 💼
“We’ve been herdin’ stablecoins for 7+ years, and we’ve run a $25Bn+ stablecoin for the biggest exchange in the world (BUSD). We bring trustworthiness to Hyperliquid, helpin’ ’em lasso institutions and 10x the ecosystem. Heck, more like 100x!” 😎- Max Fantle, a Paxos bigwig.
Paxos laid out a plan to funnel 95% of USDH’s reserve returns into buyin’ back HYPE tokens, then scatterin’ ’em like seeds to validators, protocols, and users-keepin’ Hyperliquid’s reward system kickin’ like a well-oiled wagon wheel. 🌱
They even promised to list HYPE across their brokerage network, which powers big shots like PayPal, Venmo, Nubank, MercadoLibre, and Interactive Brokers. 🏦
Frax Finance: The Yield-Sharinin’ Outlaw 🦹♂️
Frax Finance rode in with a different tune, callin’ their proposal a community-driven hoedown. They said USDH’d be backed dollar-for-dollar by their own frxUSD and US Treasury securities, managed by the likes of BlackRock. 🏛️
To sweeten the pot, they proposed smooth redemptions across frxUSD, USDC, USDT, and plain ol’ fiat-makin’ it easier than tradin’ horses at the county fair. 🐎
Hyper-performant chains deserve high-performance stablecoins. That’s why we submitted a proposal to issue @HyperliquidX’s stablecoin $USDH natively.
100% of the underlying yield to the HL community to keep buildin’.
When you build the best product, everyone wins. 🤝
Hyperliquid. – Frax Finance ¤¤ (@fraxfinance) September 6, 2025
Unlike Paxos, Frax vowed to hand over the full yield from those treasuries straight to Hyperliquid users, no middleman, no funny business-just cold, hard cash on the blockchain. 💸
They also bragged about FraxNet, their multichain infrastructure that connects more than 20 networks. This’d give USDH the ability to hop chains like a frog in a pond, all while stayin’ native to Hyperliquid. 🕸️
Frax tipped their hat to Hyperliquid governance, sayin’ they’d keep the reins in the community’s hands, givin’ ’em the power to tweak USDH’s framework no matter who’s holdin’ the issuer’s hat. 🏛️
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2025-09-07 19:23