Stripe is faced with its offer of deliverance from the USDH ecupon planned by hyperliquid, as a coalition of cryptographic companies, in particular Moonpay, Agora and Rain has aligned competing proposals alongside Paxos and Frax.
In a discord on Friday, the hyperliquid team announced that it wanted to create a “hyperliquid first, aligned by hyperliquid and a stable USD compliant” with the Ticker USDH. This was followed by the native market teams subjecting the first proposal, which would see the Stablecoin de Stripe, Bridge, USDH emission payment processor.
Native Market’s proposal promised to contribute “a significant part of its reserve product” to the hyperliquid assistance fund, mint, mint directly on ecosystem and regulations. However, the co-founder and CEO of Agora, Nick Van Eck, submitted an alternative proposal, arguing against the alternative linked to the band:
“If the hyperliquid abandons its canonical stablecoin to scratch, a vertically integrated transmitter with clear conflicts, what do we all do?” Van Eck asked. He added that Agora “greatly urges caution against the use of Stripe (bridge) as a transmitter.”
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Against the bridge emitting USDH
Van Eck said Bridge had an insufficient financial infrastructure and product experience and also underlined the Stripe announcement of plans for his own tempo blockchain as a potential conflict of interest. “Stripe is committed to carrying out activities to this ecosystem,” he said, asking:
“How long until Stripe and Bridge start to push users and perpes of other financial applications directly to the tempo instead of the hyperliquid?”
On Sunday, the president of Moonpay and a member of the board of directors, Keyth Grossman, announced that the payment processor joined Agora’s proposal to issue the USDH for hyperliquid and “provide regulated payment rails to feed this initiative”. Like Van Eck, he severely criticized the proposal of the native markets. “The USDH deserves the scale, credibility and alignment-not the capture of BS. It is this coalition, not the band,” he said.
Rob Hadick, general partner of the venture capital company Dragonfly.xyz, shared his enthusiasm. In a Sunday X post, he wrote that the addition of Moonpay to the coalition made it the “inevitable” proposal for the program of the USDH.
Aside from the proposal related to the band, the coalition must compete with the stable paxos transmitter. On Sunday, the company also submitted a launch proposal from the USDH, promising to direct a percentage of interests won in the USDH reserves to buy the token, the hyperliquid -native midsenic and redistribute it to users, validators and partner protocols.
Another competing proposal is that of the Frax Blockchain, which promises to put all the Gains of the USDH – supported by its FRXUSD – to the community. “We offer something that no one else corresponds: to return to the community,” said the proposal.
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Stablecoins are an active battlefield
The competition highlights the growing activity in the Stablescoin sector, as regulators and financial institutions.
The adoption is also quickly evolving, Kazakhstan financial regulators, recently authorized license and surveillance costs in American stablescoins.
The American state of Wyoming also plans to launch the stable border token (FRNT), a stablecoin authorized by the local government. 1Money, a company building a layer-1 blockchain for Stablecoin payments, recently announced that it had obtained up to 34 US monetary issuer licenses alongside a Bermuda license.
Earlier this month, the president of the European Central Bank, Christine Lagarde, called EU legislators to fill the gaps in the regulation of stablescoin. “(US government policies) could potentially lead to not only new loss of costs and data, but also deposits in euros transferred to the United States,” said the BCE board of directors, Piero Cipollone, in April.
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