Hyperliquid opened a community governance protocol on its upcoming USDH token, agreeing to have no direct influence on the vote’s outcome. Native Markets is the current favorite to win.
Between this and VanEck’s plans to launch a HYPE ETF, Hyperliquid’s bullish momentum seems liable to continue.
Hyperliquid and USDH
Hyperliquid is already in the spotlight right now, as a recent token rally brought HYPE’s price to an all-time high. The company confirmed plans of a VanEck HYPE ETF earlier today, but it’s continuing to make important announcements: Hyperliquid is now opening a vote regarding the USDH stablecoin to community governance.Sponsored
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Over the past week, the community engaged with teams’ proposals for the USDH ticker for a Hyperliquid-first, Hyperliquid-aligned, compliant, and natively minted USD stablecoin. While USDH is no more than a reserved ticker at the protocol level, it has come to represent a…— Hyper Foundation (@HyperFND) September 11, 2025
Specifically, Hyperliquid has been planning to launch a USDH stablecoin for several days, but there have been a few complications. Several blockchain firms are interested in building this new asset’s infrastructure, so Hyperliquid developers put it to a community vote. They also removed their own holdings from eligibility.
Who Will Win the Stablecoin Vote?
Observers initially speculated that this decision to make the governance proposal more democratic might open some unexpected possibilities. Native Markets has been the favorite to develop USDH with Hyperliquid, but its odds briefly dropped.
However, unverified rumors of a bribery scandal have apparently closed this window. Regardless of these social media claims’ veracity, Native Markets’ odds of success quickly returned to a commanding position.
Who Will Win the USDH Ticker? Source: Polymarket
The community governance proposal is live right now, and it will resolve on September 14. HYPE holders will stake their tokens to one Hyperliquid validator, each of whom has taken a public stance on the USDH issue. These token validations will thus serve as the mechanism for democratic governance.
Between Hyperliquid’s ETF ambitions and this USDH governance protocol, the company is liable to maintain heightened community interest for the immediate future. Based on today’s price actions, that won’t necessarily translate to an immediate valuation boost for HYPE, but this organic visibility is crucially important.
