Hyperliquid’s USDH stablecoin race heats up as Native Markets takes lead amid Paxos’ proposal

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Oluwapelumi Adejumo

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Mentions

People	Max Fiege, Nick van Eck, Haseeb Qureshi, Alex Svavenik, Max Fantle
Organizations	Hyperliquid, Native Markets, Paxos, Ethena, Agora, Polymarket, PayPal, BlackRock, Superstate, Stripe, Dragonfly Capital, Nansen

Target	Sentiment	Comment
Native Markets	Bullish	Native Markets is the current favorite with 84% odds on Polymarket.
Paxos	Bullish	Paxos' revised proposal includes a partnership with PayPal, which could bring significant institutional adoption.
Hyperliquid	Bullish	Hyperliquid's decision to launch USDH has attracted significant interest and competitive proposals.