Encryption platform sets off stablecoin bidding war to compete for USDH issuance rights.

On one of the fastest growing platforms in the cryptocurrency field, a stablecoin "bid war" is currently providing a preview of the next stage of the industry, and who may control this stage. This competition is taking place on the rapidly expanding trading platform Hyperliquid, with the core reward being the right to issue USDH. USDH is a brand new token native to the platform network and pegged to the US dollar. Participants in the bidding war are key players in the crypto payment field: Paxos, Agora, Ethena, and the lesser-known startup Native Markets. This competition is not only about "prestige," but also about the economic logic of survival. Stablecoin issuers do not simply "mint" digital dollars, they also earn interest income from the assets that support these tokens. For example, Circle Internet Group, issuer of the USDC stablecoin, shares this income with Coinbase Global through a protocol, helping both companies withstand market fluctuations. With expectations of a decrease in interest rates this week, expanding market share has become more urgent.