Paxos competes to become the issuer of HyperLiquid's stablecoin USDH, pledging to use part of the revenue to buy back HYPE

On September 7, stablecoin issuer Paxos released a proposal titled "USDH Issuance Supported by Paxos," competing to become the issuer of HyperLiquid's stablecoin USDH. Paxos stated that if selected as the USDH issuer, it will implement a revenue-sharing plan, distributing 95% of the interest from the reserves supporting USDH to repurchase HYPE, which will then be redistributed to ecosystem programs, partners, and users. Previously, on September 5, Hyperliquid announced it would release the USDH token symbol for stablecoin issuance. The USDH trading pair symbols currently reserved by the Hyperliquid protocol will be released through a transparent on-chain process via validator voting. After the next network upgrade, validators will be able to vote on whether to allow a specific user address to purchase the USDH symbol. The voting process is conducted entirely on-chain and completed through Hyperliquid L1 transactions, in the same manner as delisting votes. Teams interested in applying for the symbol can submit proposals in the new forum, which must include the user address to be used for deploying the USDH symbol if elected and confirmed by a validator quorum. It should be noted that even if a team is approved, they must still participate in the regular spot deployment gas auction.