Native Markets is one of the teams that submitted a proposal for the issuance and management of the Hyperliquid cryptocurrency exchange's US dollar stablecoin (USDH), and officially gained the rights to use the USDH code through a community vote on Sunday.

Max Fiege, the founder of Native Markets, stated on the X platform that the project will deploy its first Hyperliquid Improvement Proposal (HIP) in the coming days and issue an ERC-20 standard token for USDH on the Ethereum network. He also introduced the subsequent plans:

With the synthetic stablecoin project Ethena exiting the competition on Thursday, Native Markets' winning probability on the prediction market Polymarket rose to over 99% on Saturday.

This USDH bidding war has drawn close attention from the cryptocurrency community and industry executives, raising questions about the fairness of the selection process and discussions about the future development of the stablecoin industry.

Executives in the cryptocurrency industry have reacted differently to the USDH bidding process and voting results, with the newly formed team ultimately defeating several established stablecoin, cryptocurrency, and payment companies.

Haseeb Qureshi, managing partner at Dragonfly Capital, stated on Tuesday, "It now feels like the USDH RFP process is somewhat of a farce."

Qureshi added, "According to multiple bidders, no validators were willing to consider teams other than Native Markets. This can't even be called a real discussion; it feels as if there was a backroom agreement all along."

Mert Mumtaz, CEO of RPC node service provider Helius, stated that this bidding war reveals that stablecoins have already been commoditized.

Mumtaz speculated that in the future, US dollar stablecoin code will be abstracted, and exchanges will only display a generic 'USD' on the front end.

Mumtaz believes that these exchanges will complete the exchange of different types of stablecoins in the background, without users needing to see or participate in this process.

Related: Kalshi to "defend prediction markets" in Massachusetts lawsuit

Original article: “Native Markets officially activates Hyperliquid's USDH stablecoin code”

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