11.09.2025 21:20

Here's a rewritten version of the news article, incorporating varied sentence structures and focusing on key details. The text also uses more engaging language:

**Internet Sources** are reporting that the race to create a native stablecoin on Hyperliquid, poised to utilize the sought-after USDH ticker, is nearing its climax. Native Markets, a contender spearheaded by Stripe, has surged ahead, demonstrating significant influence, both in terms of validator power and according to predictions on Polymarket. Hyperliquid, the perpetual futures decentralized exchange (DEX), is on the cusp of selecting the team that will breathe life into the ecosystem's native token, marking a crucial step in its development.

The exchange had previously announced its reservation of the USDH ticker, signaling its intention to introduce a stablecoin. Multiple prominent stablecoin developers, including industry giants like Paxos and Ethena, submitted applications to be considered for the project. The Hyperliquid community engaged in interviews with each candidate, probing their strategies for acquiring liquidity, solidifying the backing for their stablecoin, and navigating regulatory compliance.

The ultimate decision on the USDH creator is scheduled for September 14. However, the influence of validators is already evident, with the majority of voting power coalescing around Native Markets. As of September 11, Native Markets, the Stripe-led venture, had amassed a commanding lead, representing over 78% of validator power. This impressive dominance has solidified as more validators signal their likely choice.

The rapid ascent of Native Markets as the apparent frontrunner has taken some in the Hyperliquid community by surprise. Certain community members had favored Ethena and Paxos, considering their offers more attractive. Paxos, in particular, was viewed as a strong contender, leveraging its established reputation as a leading stablecoin issuer.

However, this potential selection has also raised some reservations among Hyperliquid users. The community is currently displaying a measure of skepticism about Native Markets’ prospects. Currently, Hyperliquid holds over $5.6 billion in USDC tokens, significantly boosting the balance for Circle, the issuer. The chosen USDH issuer stands to gain up to $220 million in fees, which will subsequently benefit the Hyperliquid ecosystem. Furthermore, in the event that the stablecoin is backed by US government bonds, the passive income generated from these bonds will also remain within the Hyperliquid ecosystem. Native Markets has effectively positioned itself as the clear frontrunner.