09.09.2025 03:22
The crypto world is abuzz with a significant challenge to Stripe's ambitions, as a formidable coalition of digital asset firms, including MoonPay, Agora, and Rain, has put forth rival proposals to issue Hyperliquid’s forthcoming USDH stablecoin. This development unfolds as Hyperliquid, a decentralized exchange, recently unveiled its intention to launch a "Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin" to be known by the ticker USDH, a move announced to its community via a Discord message last Friday. The pushback against Stripe's involvement has ignited a spirited debate over the foundational principles and future trajectory of this critical new stablecoin.
Initially, the Native Markets team submitted a proposal advocating for Stripe’s stablecoin payment processor, Bridge, to manage the issuance of USDH. Their submission was not without appealing incentives; Native Markets pledged to allocate a substantial portion of its reserve proceeds to Hyperliquid’s Assistance Fund treasury, ensuring direct minting capabilities within the ecosystem, all while maintaining strict regulatory compliance. This offering aimed to position Bridge as a robust and reliable partner for the nascent USDH, laying out a vision of seamless integration and financial stability.
However, a potent counter-narrative quickly emerged from Agora co-founder and CEO Nick Van Eck, who sharply criticized the Stripe-affiliated alternative. Van Eck passionately argued against entrusting the stablecoin to a "vertically integrated issuer with clear conflicts," posing the pointed question: "If Hyperliquid relinquishes its canonical stablecoin to Stripe, what are we all even doing?" He further underscored Agora's strong caution against utilizing Stripe (Bridge) as the chosen issuer, signaling deep apprehension within the industry about potential long-term implications.
Van Eck's critique extended to the very infrastructure and strategic direction of Bridge, alleging insufficient financial capabilities and limited product experience. More critically, he highlighted Stripe’s disclosed plans for its own blockchain, Tempo, as a glaring conflict of interest. He articulated concerns that Stripe might eventually prioritize its proprietary ecosystem, asking rhetorically, "How long until Stripe and Bridge start pushing users and perps from other financial applications directly to Tempo instead of Hyperliquid?" This line of questioning suggests a fundamental worry about platform capture and the potential diversion of users and liquidity away from Hyperliquid.
The opposition gained significant momentum when MoonPay, a leading crypto payment processor, officially joined Agora’s proposal. On Sunday, MoonPay president and board member Keyth Grossman announced this strategic alliance, confirming that MoonPay would provide the crucial regulated payment rails necessary to power the initiative. Grossman echoed Van Eck's strong criticism of the Native Markets proposal, declaring emphatically that "USDH deserves scale, credibility and alignment — not BS capture. That is this coalition, not Stripe," solidifying a powerful front against Stripe's bid and rallying support for an issuer model perceived as more aligned with Hyperliquid’s independent vision.
