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The latest bid for Hyperliquid's stable coin is from Paxos.
Hyperliquid, the creator of the record-breaking HYPE token which surpassed $50, has made its final offers regarding the stable coin it intends to launch. Today, September 10, was the last day for offers. Hyperliquid validators will begin voting on the options starting from September 14.
So far; Ethena Labs, Sky ( formerly known as Maker), Frax Finance and Agora-Rain-LayerZero have submitted proposals.
The latest offer was made by the well-known stable coin issuer Paxos. It is known that the company behind cryptocurrencies like Pax Gold and USDP has also provided services to companies regarding many other cryptocurrencies.
They are including PayPal
Paxos' proposal included very important promises. Firstly, the company suggested incorporating the new USDH stablecoin into the world's most widely used payment systems, PayPal and Venmo.
Paxos, which will work together with PayPal in this regard, is also issuing PYUSD, PayPal's own stable coin.
There will also be a HYPE token listing.
If accepted, the usdh stablecoin will also enter the systems of PayPal and its subsidiary Venmo.
Additionally, PayPal will provide a $20 million incentive for the HYPE ecosystem.
In addition to these, PayPal and Venmo will also add Hyperliquid's HYPE token to their platforms.
It will not exceed 5%
Revenue generated from USDH will be transferred entirely to Hyperliquid's Assistance Fund, which is a pool fund established to support the ecosystem, until the total locked value (TVL) exceeds 1 billion dollars. When the TVL exceeds 5 billion dollars, Paxos's revenue rate will also be limited to 5%.
"We are the best choice"
Paxos also noted in its proposal that the company is the most suitable firm to issue this stable coin. It demonstrated compliance with the GENIUS ACT in the USA, showing that it is the only company legally allowed to issue tokens in the European Union.
Paxos also provided information that it will add PYUSD as a reserve asset to support USDH.
Published: September 10, 2025 10:52Last Updated: September 10, 2025 11:01