In the past week, a handful of players have been jostling for position, each aiming to supply the backbone for the soon-to-debut Hyperliquid stablecoin, fittingly tagged USDH. Paxos, Agora, Bastion, Native Markets, Ethena, Sky (formerly MakerDAO), and Frax have all thrown their hats in the ring, each pitching unique blueprints for yield sharing, ecosystem tie-ins, and how the stablecoin’s backing should be built.

On Polymarket, a wager pool topping $2.62 million suggests Native Markets is the heavy favorite to secure the USDH infrastructure deal. The Hyperliquid vote is set for Sept. 14, 2025, running from 10:00 to 11:00 UTC. Bettors currently peg Native Markets with a 94% chance of victory, while Paxos trails at just 3% — making the odds look wildly lopsided.

Source: Polymarket bet on Sept. 11, 2025.

Polymarket odds put Paxos at 22% with $541,941 riding on it, while Ethena lingers at 2%, dipping 4% on $590,052 in trades. Sky barely registers with less than 1% support on $324,014, and both Frax and Agora hover under the 1% mark as well, backed by $210,002 and $196,637 apiece. Curiously, Native Markets stands apart from the pack, with no prior history of minting or managing stablecoins.

Native Markets was created with one mission: to compete for the right to issue Hyperliquid’s USDH stablecoin, guided by people already plugged into the Hyperliquid ecosystem. In just about three days, the community will learn whether Hyperliquid crowns Paxos, Agora, Bastion, Native Markets, Ethena, Sky, or Frax — though beyond Polymarket wagers, Native Markets is also ahead in early validator votes.

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