Hyperliquid’s governance token HYPE climbed above $50 during Asian trading hours, boosted by new bids to manage the decentralized exchange’s proposed stablecoin, USDH.
According to CryptoSlate’s data, the token gained more than 7% in the last 24 hours to reach $50.08, edging close to its August peak of $51.
This upward momentum reflects confidence in Hyperliquid’s stablecoin strategy, which has drawn attention from established issuers.
Paxos bid for USDH
Paxos, a long-time stablecoin operator, entered the race with a proposal led by its new division, Paxos Labs.
The group, formed in June, said it would ensure that USDH complies with stablecoin regulatory frameworks in Europe and the US while deploying the token directly on Hyperliquid’s two chains, HyperEVM and HyperCore.
It also stated that USDH would hold the highest quality T-Bills, Repos, and USDG reserves.
Meanwhile, the proposal offered an aggressive revenue-sharing model.
According to Paxos, 95% of interest from USDH reserves would go toward buying back HYPE and this redistribution would be earmarked for ecosystem partners and users.
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Paxos also pledged to list HYPE across its brokerage infrastructure, which already powers trading on PayPal, Venmo, MercadoLibre, Nubank, and Interactive Brokers.
Paxos Labs co-founder Bhaumik Kotecha noted that the firm aims to keep USDH infrastructure open to developers and payment providers, rather than tying it to exclusive partnerships. That approach, he said, would maximize USDH’s liquidity and cost efficiency across on-ramps, DeFi protocols, and fintech applications.
Agora assembles coalition
Stablecoin developer Agora, known for issuing the VanEck-backed AUSD, submitted a rival bid.
Its plan features a coalition that includes Rain for card and fiat coverage, LayerZero for cross-chain interoperability, and Moonpay for retail access at launch.
Agora pledged to send all net revenue from USDH operations back to Hyperliquid, either through its Assistance Fund or by purchasing HYPE on the open market.
Agora’s chief executive officer Nick van Eck emphasized that USDH would be native to Hyperliquid, not an asset repurposed from another ecosystem. He also described Agora as a neutral issuer, without its own chain or brokerage, ensuring it would not compete with partners.