{"id":47476,"date":"2025-09-15T00:46:39","date_gmt":"2025-09-15T00:46:39","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=47476"},"modified":"2025-09-15T00:46:39","modified_gmt":"2025-09-15T00:46:39","slug":"asia-morning-briefing-native-markets-wins-right-to-issue-usdh-after-validator-vote","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=47476","title":{"rendered":"Asia Morning Briefing: Native Markets Wins Right to Issue USDH After Validator Vote"},"content":{"rendered":"
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Good Morning, Asia. Here’s what’s making news in the markets:<\/strong><\/h2>\n

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.<\/a><\/em><\/p>\n

Hyperliquid\u2019s validator community<\/a> has chosen Native Markets to issue USDH, ending a weeklong contest<\/a> that drew proposals from Paxos, Frax, Sky (ex-MakerDAO), Agora, and others.<\/p>\n

Native Markets, co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid backer Max Fiege, said it will begin rolling out USDH \u201cwithin days,\u201d according to a post by Fiege on X.<\/p>\n

According to onchain trackers<\/a>, Native Markets’ proposal took approximately 70% of validators’ votes, while Paxos took 20%, and Ethena came in at 3.2%.<\/p>\n

The staged launch starts with capped mints and redemptions, followed by a USDH\/USDC spot pair before caps are lifted.<\/p>\n

USDH is designed to challenge Circle\u2019s USDC, which currently dominates Hyperliquid with nearly $6 billion in deposits<\/a>, or about 7.5% of its supply. USDC and other stablecoins will remain supported if they meet liquidity and HYPE staking requirements.<\/p>\n

Most rival bidders had promised to channel stablecoin yields back to the ecosystem with Paxos via HYPE buybacks, Frax through direct user yield, and Sky with a 4.85% savings rate plus a $25 million \u201cGenesis Star\u201d project. <\/p>\n

Native Markets\u2019 pitch instead stressed credibility, trading experience, and validator alignment.<\/p>\n

Market Movement<\/strong><\/h2>\n

BTC:<\/strong> BTC has recently reclaimed the $115,000 level, helped by inflows into ETFs, easing U.S. inflation data, and growing expectations for interest rate cuts. Also, technical momentum is picking up, though resistance sits around $116,000, according to CoinDesk’s market insights bot.<\/p>\n

ETH<\/strong>: ETH is trading above $4600. The price is being buoyed by strong ETF inflows.<\/p>\n

Gold: <\/strong>Gold continues to trade near record highs as traders eye dollar weakness on expected Fed rate cuts.<\/p>\n

Elsewhere in Crypto:<\/strong><\/h2>\n