The native markets win the price, secures the USDH ticker after a heated race

The indigenous markets, one of the teams that submitted a proposal to issue and manage the Hyperliquid Crypto Exchange’s US Dollar Stablecoin (USDH), officially said the USDH Ticker on Sunday, following a community vote.

The project will deploy the inaugural proposal to improve hyperliquid (HIP) for USDH and an ERC-20 token, the token standard for the Ethereum network, in the coming days, Max Fiege, founder of native markets, in a post. He also described the next steps:

“We will then start with a test phase for mints and redemptions up to $ 800 per transaction with an initial group, followed by the opening of the USDH / USDC spot book.

The chances of the indigenous markets to win the Ticker increased more than 99% on Saturday, on the prediction market market, after the removal of the stable stable stable Ethena stable of the race on Thursday.

The USDH auction war was closely followed by the cryptographic community and industry leaders, leading to accusations of a rigged selection process and reflections on the future of the StableCoin sector as a whole.

In relation: Inside the Hyperliquid Stablecoin race: companies in the running for the USDH

The USDH hyperliquid auction attracts criticism and debate sparks

Crypto industry leaders expressed mixed reactions to the USDH tender process and the outcome of the vote, which saw established stable, crypto and payment to lose a newcomer.

“Starting to feel like the USDH RFP was a bit of a farce,” said Haseeb Qureshi, director of the Dragonfly Capital Company on Tuesday.

“Hearing several tenderers that none of the validators is interested in considering who it is apart from the native markets. It is not even a serious discussion, as if there was already a backroom agreement,” added thatrshi.