PANews reported on September 8th that, according to The Block, the decentralized exchange Hyperliquid plans to launch the USDH stablecoin. It has invited Paxos, Frax, Agora, and Native Markets to submit proposals, with the final decision to be made by validator voting. Paxos has pledged 95% of interest to be used for HYPE repurchases , Frax has proposed USDH be backed 1:1 with frxUSD and with zero fees, and Agora has pledged 100% net revenue sharing. Ethena Labs is also interested in bidding. Hyperliquid currently holds approximately $5.5 billion in USDC deposits.