Validators on the Hyperliquid network will ultimately decide who secures the mandate, but in the meantime, speculators have taken to Polymarket to place their bets on the outcome.
Crypto traders on the decentralized marketplace assigned the newcomer a 90% chance of winning the validator vote, but that percentage has dropped to 84% at the time of this report.
Native Markets was formed specifically to compete for USDH and is led by Max Fiege, an investor within the Hyperliquid ecosystem.
Native Markets also pledged to split yield from reserve assets, with half earmarked for HYPE token buybacks and half for USDH expansion.
Meanwhile, Native Market’s proposal structure has generated both interest and skepticism from community members.
According to him:
“Stripe recently announced their plans for Tempo, a new layer 1 blockchain. Stripe is committed to driving activity to this ecosystem from a variety of players. How long until Stripe and Bridge start pushing users and perps from other financial applications directly to Tempo instead of Hyperliquid?”
He wrote:
“Everyone else scrambled over the weekend to put something together. So this whole USDH RFP was basically custom made for Native Markets.”
According to him, the process is far more competitive than critics suggest, with validators actively seeking the best long-term option for Hyperliquid.
While Hyperliquid validators might appear inclined toward Native Markets, observers point to Paxos, Ethena, and Agora as candidates with stronger institutional track records.
Moreover, these rival firms have been refining their offers, and new entrants are introducing new bids for the USDH stablecoin.
According to the firm, this collaboration would embed USDH into PayPal and Venmo products, list HYPE on PayPal’s ramps, and inject $20 million in incentives for the Hyperliquid ecosystem.
Paxos also set strict revenue caps to assure the community of its long-term alignment. It wrote:
“Paxos takes nothing until we reach $1 billion in TVL and stays capped at 5% post $5 billion TVL. Any fees earned by Paxos through this milestone will be held in HYPE tokens.”
“PayPal and Venmo have 400M+ users. Paxos is the only neutral, regulated issuer that can unlock an entirely new institutional customer segment for Hyperliquid that no other issuer can reach.”
