On the final day of bid submissions, BitGo and OpenEden have emerged among the eight contenders vying to issue Hyperliquid’s upcoming stablecoin. BitGo, a regulated custodian, emphasized its compliance-first approach, positioning itself as a secure and trustworthy candidate for the role. OpenEden, meanwhile, proposed generating yield for holders through its USDH stablecoin model, aiming to deliver returns in a market where yield-bearing stablecoins are gaining traction.
Voting for the selection process commenced immediately following the submission deadline and is scheduled to conclude on Sunday. The outcome will determine which entity is authorized to issue and manage the stablecoin on Hyperliquid’s decentralized exchange infrastructure. The competition highlights growing interest in compliant, yield-generating stablecoin solutions within the DeFi ecosystem.
Hyperliquid’s initiative reflects a broader industry trend toward integrating traditional financial safeguards with innovative decentralized finance mechanisms. The stablecoin issuer will play a critical role in shaping Hyperliquid’s liquidity and user experience, making regulatory adherence and economic incentives key differentiators in the selection process.
