Hyperliquid is about to迎来一个重要时刻, the platform will hold a validators' vote on Sunday to determine the issuer of its first native stablecoin USDH. This vote not only marks an important progress in the Hyperliquid ecosystem, but also attracts widespread attention from the entire Crypto Assets industry.

As a decentralized perpetual contract exchange, Hyperliquid has developed rapidly since the launch of its first-layer blockchain in November 2024. In July of this year, the platform achieved an astonishing trading volume of $330 billion. The introduction of USDH will provide traders with a stable pricing unit and collateral option, further enhancing the platform's functionality.

In this highly competitive selection of issuers, well-known institutions such as Paxos, Frax, Sky, Agora, Curve, OpenEden, and Bitgo are still in the running. It is worth noting that the originally participating Ethena chose to withdraw and instead support the emerging Native Markets.

Native Markets, as the first team to submit the USDH proposal, has committed to using its revenue for HYPE coin buybacks and ecosystem expansion. They plan to manage reserves using Stripe's Bridge platform, a decision that has sparked discussions about Stripe's future blockchain strategy while also gaining support.

On the other hand, the proposal put forward by Paxos emphasizes compliance, committing to adhere to the U.S. stablecoin legislation and the EU Crypto Assets Market framework. They plan to use 95% of the profits to support Hyperliquid's native coin HYP, demonstrating a commitment to the long-term development of the platform.

This vote is not only about the issuance rights of USDH, but also represents an important practice of decentralized governance in the Crypto Assets ecosystem. Regardless of the outcome, this will be a crucial step for Hyperliquid and the development of the entire industry. As the voting date approaches, community members and market observers are closely following the developments of this situation.