Native Markets | Crypto

Native Markets claimed the US dollar-pegged stablecoin ticker following a heated bidding war closely watched by the crypto community. Native Markets, one of the teams that submitted a proposal to issue and manage the Hyperliquid crypto exchange’s US dollar stablecoin (USDH), officially claimed the USDH ticker on Sunday, following a community vote. The project will deploy the inaugural Hyperliquid Improvement Proposal (HIP) for USDH and an ERC-20 token, the token standard for the Ethereum network, in the coming days, Max Fiege, founder of Native Markets, said in an X post. He also outlined the next steps: Native Markets’ odds of winning the ticker spiked to over 99% on Saturday, on prediction market Polymarket, following synthetic stablecoin issuer Ethena’s withdrawal from the race on Thursday.  Read more

Prediction markets now overwhelmingly favor Native Markets, but questions about credibility linger as the vote approaches. Ethena, the team behind the USDe synthetic dollar protocol, withdrew its bid to issue Hyperliquid’s USDH stablecoin, conceding to concerns raised in direct discussions with community members and validators.  In a X statement Thursday, the Ethena team acknowledged pushback over not being a Hyperliquid-native project and said it would step aside, congratulating rival Native Markets, now viewed as the frontrunner in the race. “While some are complaining about their [Native Markets] lack of credibility I think their success here perfectly embodies everything which is so special about Hyperliquid and their community,” wrote Ethena Labs founder Guy Young, adding: Read more