Hyperliquid’s stablecoin contract vote has become a major focus today. Native Markets, which has ties to Stripe, holds a strong early advantage in the ongoing process.
Validators began casting votes as Hong Kong’s Thursday morning arrived. Native Markets swiftly secured 30.8 percent of the delegated stake, according to on-chain data. Support has come primarily from infinitefield.xyz, contributing a significant 13.5 percent, and Alphaticks, which added 5.2 percent.
Paxos Labs, the regulated entity known for issuing PayPal’s stablecoin, stands at 7.6 percent. It has received notable votes from B-Harvest and HyBridge. Meanwhile, competitor Ethena is sitting at 4.5 percent as the race unfolds.
Agora, Frax, and Sky, all having put forward substantial proposals, have not yet gained considerable momentum among validators. Many influential stakeholders appear to be holding their votes. Over half of the delegated stake—about 57 percent—fell into this undecided category by early Thursday.
Observers note this group includes some of the exchange’s most impactful validators. Nansen x HypurrCollective commands more than 18 percent and remains on the sidelines for now, as does Galaxy Digital. Where these heavyweight players ultimately side will carry considerable influence before voting closes on September 14.
Native Markets is touting a stablecoin custom-built for Hyperliquid, using Stripe’s Bridge technology. The initiative promises innovative features such as yield sharing with the ecosystem’s Assistance Fund and buybacks of the HYPE token.
Not everyone is fully convinced by this plan. Some industry leaders have raised concerns about potential conflicts of interest, given Stripe’s simultaneous efforts to develop its own Tempo blockchain and its control over wallet provider Privy. Nonetheless, for several validators, Stripe’s ability to offer global payment connectivity may outweigh the hesitation.
The contest’s stakes are especially high for Hyperliquid’s future. The exchange currently holds $5.5 billion in USDC on behalf of its users, representing roughly 7.5 percent of the entire stablecoin’s supply. Any shift in the preferred stablecoin could direct hundreds of millions each year, thanks to market yields on US dollar reserves.
Each group vying for the USDH contract is making bold financial commitments. The Paxos team has pledged to dedicate 95 percent of earnings from reserves to HYPE buybacks. Frax promises to return 100 percent of government yield directly to users, while Agora also offers full net profits with institutional oversight. Sky, previously associated with MakerDAO, suggests 4.85 percent returns alongside a $25 million project to further enhance DeFi opportunities for Hyperliquid.
Hyperliquid has rapidly emerged as a dominant force in decentralized perpetuals trading, now controlling nearly 80 percent of activity in that sector. The winner of this contract will become deeply integrated with both the technical backbone and the economic core of one of crypto’s fastest-developing exchanges.
Market participants are closely watching broader financial moves as well. Bitcoin’s value has reached $114,053, a 2.6 percent climb in the last 24 hours, reflecting increased investor optimism despite recent monthly declines. Ethereum is now at $4,373.99, gaining 2 percent as it weathers complications following a punitive validator event.
Gold continues to be a bright spot, maintaining strength near $3,635 an ounce. Expectations are rising that US Federal Reserve policy shifts could push prices even higher, with some analysts forecasting gold to top $4,000 by June. This is spurred by a combination of investor interest and consistent central bank buying.
Asian equities remain mixed. Japan’s Nikkei 225 index showed a slight 0.23 percent increase, while other areas like the Topix saw a dip. Positive sentiment from Wall Street, where the S&P 500 reached a record high, has contributed to hopeful trading patterns across the region.
For those investigating expanding developments in crypto and digital assets, the current environment continues to offer new opportunities. Market participants looking to diversify or gain exposure can consider various options, including advanced platforms that make it simple to Start Cloud Mining for enhanced accessibility to digital currency generation.
Conclusion
With a majority of voting power still unallocated, the outcome of Hyperliquid’s stablecoin contract is uncertain. The final decision will have broad implications for asset flows and the integration of stablecoin technology within this fast-paced market.
As more validators finalize their positions and the deadline approaches, the attention of both institutional and individual participants remains firmly fixed on these developments. The next several days will be critical in shaping Hyperliquid’s future and redefining the stablecoin landscape in the region.
Ewan’s fascination with cryptocurrency started through his curiosity about innovative technologies reshaping the financial world. Over the past four years, he has specialized in cloud mining and crypto asset management, diving deep into mining contracts, profitability analysis, and emerging trends. Ewan is dedicated to helping readers understand the technical and economic aspects of crypto mining, making complex information accessible and actionable.
