Hyperliquid rallied to a fresh all-time high this week as competing teams move to secure the USDH stablecoin ticker on the network. The token briefly peaked at $55.04 before trading around $53.70, marking roughly a 23.4% weekly gain and a daily rise near 4%.
The surge coincides with an open call from the Hyperliquid community for proposals to launch a “Hyperliquid-aligned” stablecoin under the USDH symbol. Teams have until Wednesday to submit proposals via Discord; validator voting begins at the end of the week, with votes scheduled to start Sunday. Organizers say the contest has drawn more than 20 submissions so far, including entries from established stablecoin groups such as Paxos, Frax Finance and Agora.
Proposals generally promise tight integration with Hyperliquid’s derivatives and settlement systems. Some entrants say they’ll route revenue or reserve proceeds back into the ecosystem—for example, Agora’s pitch pledges to share 100% of its revenue with Hyperliquid. Industry commentators note a strategic logic: a native stablecoin could reduce reliance on external assets like USDC or USDT and concentrate liquidity on the platform.
The contest hasn’t been without controversy. Hyperstable, an existing Hyperliquid stablecoin protocol, accused competitors of getting an advance heads-up; others pointed to recent regulatory shifts—most notably the GENIUS Act—as a reason plans changed. The debate highlights both reputational and compliance risks tied to stablecoin issuance.
Why this matters: Hyperliquid’s rally lifted its market cap to about $14.5 billion, making it one of the top altcoins by market value. Traders and validators will closely watch the USDH vote: the winning model could influence liquidity flows and HYPE’s longer-term price trajectory. As always, readers should be aware that token prices and protocol outcomes remain volatile and subject to regulatory developments.
Source: Decrypt. Read the original coverage for full details.
