USDH Competition Heats Up As OpenEden and BitGo Round Out The List

Real-world asset tokenization platform OpenEden and crypto infrastructure provider BitGo have entered the competition to issue Hyperliquid’s planned native stablecoin, USDH, bringing the number of contenders to eight.

Hyperliquid validators will start voting for the USDH proposal from Thursday and will be able to cast their votes until Sunday. Other suitors include Ethena, Paxos, Frax, Agora, Native Markets and Sky.

The winning bid will decide how it will manage Hyperliquid’s $5.9 billion stablecoin reserve, with 95.56% of it held in USDC (USDC),