[Stablecoin Bidding War Erupts on Crypto Platform Over USDH Issuance Rights] Jin10 News, September 17 – On one of the fastest-growing platforms in the cryptocurrency space, a stablecoin "bidding war" is offering a glimpse into the next phase of the industry and who might dominate it. This competition is taking place on the rapidly evolving trading platform Hyperliquid, with the core prize being the right to issue USDH. USDH is a new token native to the platform's network and pegged to the US dollar. The bidders include key institutions in the crypto payments sector: Paxos, Agora, Ethena, and a lesser-known startup, Native Markets (which has partnered with Stripe's stablecoin division, Bridge). This competition is not just about "honor" but also about the economic logic of survival. Stablecoin issuers do not simply "mint" digital dollars; they can also earn interest income from the assets backing these tokens. For instance, Circle Internet Financial, the issuer of the USDC stablecoin, shares this income with Coinbase Global under an agreement that helps both companies weather market volatility. With market expectations of a rate cut this week, expanding market share has become even more urgent.