The real asset tokenization platform OpenEden and the crypto infrastructure provider BitGo have officially joined the bidding for the issuance of Hyperliquid's native stablecoin USDH, bringing the total number of bidders to eight.
Hyperliquid validators launched the USDH proposal vote on Thursday, which will continue until Sunday. Other bidders include Ethena, Paxos, Frax, Agora, Native Markets, and Sky.
According to data from DefiLlama, the final winning bidder will be responsible for managing Hyperliquid's $5.9 billion stablecoin reserve, of which 95.56% is held in USDC (USDC).
OpenEden founder and CEO Jeremy Ng detailed the platform's management plan for USDH in the event of winning the bid on Wednesday.
The real asset tokenization (RWA) platform promises to distribute all profits generated from the USDH reserves to the Hyperliquid ecosystem, including buyback arrangements.
Additionally, the platform will use the profits generated from the minting and redemption of USDH to buy back Hyperliquid's HYPE tokens and distribute them to Hyperliquid validators.
The company has specifically allocated 3% of the EDEN native token supply as additional incentives, with the potential for this percentage to increase in the future.
The USDH reserves will be held in a tokenized U.S. Treasury fund, custodied by BNY Mellon.
The company is collaborating with BNY Mellon, Chainlink, AEON Pay, and Monarq Asset Management to promote ecosystem adoption.
BitGo stated that it will use a diversified asset base, including dollar-backed liquidity assets, bank deposits, and short-term government bonds, during the minting and redemption process of USDH.
The company claims it will utilize Chainlink's cross-chain interoperability protocol to ensure inter-chain communication.
The profits generated from the underlying assets will be used to buy back and stake HYPE tokens, and the company will charge a fee of 0.3% from the total reserves.
BitGo emphasized its compliance advantages, with six of its companies having obtained licenses in Dubai, Singapore, Denmark, and New York, and holding a German MiCA license.
As of now, Native Markets has received the highest number of votes, with 33.73% of the voting share choosing its proposal.
Native Markets was co-founded by community member Max Fiege, and its proposal suggests splitting the reserve profits in half, with one half used to buy back HYPE tokens and the other half allocated to an aid fund. However, this proposal has sparked controversy within the community.
Haseeb Qureshi, managing partner of the crypto venture fund Dragonfly, expressed doubts about Native Markets' bid.
Qureshi pointed out, "Several bidders indicated that validators only considered Native Markets, with almost no substantive discussion, as if it had already been predetermined."
Nansen CEO Alex Svanevik denied this, stating that his team and allies have been actively communicating with bidders and encouraging them to submit proposals to enhance competitiveness.
Paxos Labs submitted a revised proposal on Wednesday, currently holding an 11.52% voting rate, ranking second.
There is still 46.49% of the voting share yet to be allocated, which could significantly impact the ownership of the USDH issuance rights.
Polymarket voting data shows that the market generally favors Native Markets to win, with 90% of voting users supporting its proposal.
Other bidders include Ethena Labs, which submitted a proposal on Tuesday, and Sky (formerly Marker), which submitted a proposal on Monday.
Related: Ethena exits Hyperliquid USDH stablecoin bidding, clearing the way for Native Markets
Original: “BitGo touts compliance as OpenEden pledges yield in USDH proposals”
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