Hyperliquid’s USDH Ticker Drama: A Farce or the Future of Stablecoins? 😱

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So, Native Markets, one of the teams that actually thought they had a shot at managing Hyperliquid’s US dollar stablecoin (USDH), has officially snatched the USDH ticker. They did it on Sunday, after a *very* dramatic community vote. I mean, really, who saw that coming? Oh wait, maybe *everyone* did. 🙄

Max Fiege, the big shot founder of Native Markets, went on X (yeah, we’re still calling it that) to announce the rollout of the inaugural Hyperliquid Improvement Proposal (HIP) for USDH, plus an ERC-20 token, because obviously that’s the *only* way to do crypto these days. Apparently, we’re all supposed to be thrilled about this. The next steps? Let me break it down for you:

“We will then start with a testing phase for mints and redeems of up to $800 per transaction with an initial group, to be followed by the opening of the USDH/USDC spot order book, as well as uncapped mints and redeems.”

Sounds so *exciting*, right? Like, who wouldn’t want to be part of a group that tests $800 transactions? It’s not like they couldn’t just do this with a couple of Excel spreadsheets and a few cups of coffee. 🙄

Now, get this-Native Markets’ chances of winning the ticker skyrocketed to over 99% on prediction market Polymarket. Why? Because Ethena, the synthetic stablecoin issuer, decided to bail on Thursday. Maybe they just didn’t want to be part of the circus, who knows. 🎪

Of course, the crypto community was glued to this drama, like they always are when there’s a chance for a little chaos. Accusations of a rigged selection process came in hot, and now we’re all supposed to reflect on the future of stablecoins. If this is the future, I’m *thrilled* to see how it all plays out. (Spoiler: not well). 😅

Hyperliquid’s USDH Bidding War Draws Criticism and Sparks Debate (Shocker)

Industry bigwigs weren’t shy about their thoughts on this whole mess. They had *so* many opinions about the bidding process, the outcome, and the fact that a newcomer managed to beat out the established players. Turns out, not everyone was a fan of Native Markets winning. Who knew? 🤔

“Starting to feel like the USDH RFP was a bit of a farce,” said Haseeb Qureshi, managing partner of Dragonfly. Yes, you heard it right-farce. And no, it wasn’t just him. People are seriously questioning whether this whole thing was rigged. Apparently, there were some whispers about backroom deals. You know, typical crypto drama. 😏

Mert Mumtaz, CEO of Helius, went on to say that the whole bidding war revealed something truly horrifying: stablecoins have become *commodities*. Oh, joy. Just what we need in the world of digital currency-more commoditization. But wait, it gets worse.

According to Mumtaz, US dollar stablecoin tickers are probably going to be completely *abstracted away* in the future. Yep, forget about USDH or USDC-exchanges will just display a generic “USD” to the front-end users. Behind the scenes, they’ll do all the crypto gymnastics and we won’t even *see* it. Nice. 🧐

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2025-09-15 00:46