PANews reported on September 7th that, according to Cointelegraph, stablecoin infrastructure company Paxos has submitted a proposal to support HyperLiquid's stablecoin, USDH. According to the announcement, 95% of the interest earned on the USDH reserve will be used to repurchase Hyperliquid's native token, HYPE, and redistribute it to users, validators, and partner protocols. Paxos Labs, a newly formed Paxos subsidiary, will lead this initiative. Paxos Labs has acquired Molecular Labs, the infrastructure company behind LHYPE and WHLP. LHYPE and WHLP have been supporting the Hyperliquid ecosystem since the launch of HyperEVM.
Paxos: Submitted a proposal to support USDH stablecoin and allocate proceeds to HYPE token repurchase
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