CPI just dropped

Eeeeverybody and their mom wants a stablecoin these days.

Ripple has launched one, World Liberty Financial did too, rumor has it that Walmart and Amazon are considering their own stablecoins – you name it.

A more recent one to join the party is Hyperliquid, the #2 DEX by overall trading volume and the #1 when it comes to perpetual futures.

They’re planning to launch USDH – a dollar-pegged stablecoin that’s supposed to be “Hyperliquid-first, Hyperliquid-aligned, and compliant.”

Now, what makes this launch interesting is that USDH doesn’t have a fixed design yet.

Instead of building it themselves, Hyperliquid opened up a bidding process where outside teams can pitch their own versions of USDH.

Whatever proposal the validators pick becomes the actual stablecoin.

And lemme tell ya, the competition’s stacked: Paxos, Frax, Agora, Native Markets, Sky, Ethena Labs, BitGo, OpenEden, Bastion – all fighting for the contract.

(You can check their proposals here if interested.)

This whole thing’s pretty wild when you think about it, btw – because you’ve got these billion-dollar finance companies having to navigate the weirdos that are the crypto community.

But… why do they even bother?

Simple: whoever wins gets to manage a stablecoin with guaranteed adoption on one of crypto’s busiest exchanges. That means:

👉 Access to more than $5.5B in liquidity,

👉 Steady revenue from reserves,

👉 And the chance to lock themselves into the core of Hyperliquid’s ecosystem.

In short: most stablecoins start from scratch; USDH will start with a user base built in.

Which is honestly one of the biggest factors that decides whether a stablecoin actually matters. Most stablecoins don’t fail because they’re poorly designed – they fail because nobody uses them.

Look at USDT and USDC – they became the kings not just because people trust Tether or Circle, but because they got embedded into every major trading platform early on.

So yeah, there’s a lot at stake here.

Voting started today and runs until September 14. To stay neutral, the Hyperliquid Foundation won’t be voting.

Let the games begin 😈