Hyperliquid Opens USDH Stablecoin Proposals Amid Controversy
- Hyperliquid has invited proposals for issuing a USDH stablecoin on its network.
- Validators have five days to vote, and the ticker will be unlocked for the winning team upon reaching quorum.
- An existing Hyperliquid stablecoin protocol claims the process is unfair, as it was previously blocked from using the USDH ticker.
- Native Markets proposed a GENIUS Act-compliant stablecoin with fiat gateways, receiving significant community reactions.
- Concerns were raised about potential prior knowledge given to Native Markets due to the timing of their proposal submission.
Hyperliquid’s proposal process for a new USDH stablecoin has sparked controversy, with accusations of unfairness and possible insider information affecting community trust. Validators are tasked with selecting the best proposal in a five-day voting period.
The outcome will determine which team can use the USDH ticker, amid claims that previous restrictions on its use were unjustly lifted. Source)
