OpenEden and BitGo Join Competition to Launch Hyperliquid’s Native Stablecoin USDH

PANews reported on September 11th that, according to Cointelegraph, OpenEden and BitGo have joined the competition to launch Hyperliquid's native stablecoin, USDH, bringing the total number of competitors to eight. OpenEden has pledged to distribute all USDH reserve earnings to Hyperliquid, including through a buyback program. It will also use USDH minting and redemption proceeds to repurchase HYPE tokens for distribution to Hyperliquid validators. The company has also allocated 3% of its native EDEN token supply as additional incentives, with the possibility of further increases in the future. USDH reserves are held in a tokenized U.S. Treasury bond fund custodied by Bank of New York Mellon. The company has also partnered with Bank of New York Mellon, Chainlink, AEON Pay, and Monarq Asset Management to promote USDH adoption.

Meanwhile, BitGo stated that it will utilize liquid assets backed by the US dollar, bank deposits, short-term government bonds, etc. to mint and redeem USDH; it will use Chainlink's cross-chain interoperability protocol to maintain interoperability between chains; the proceeds of the underlying assets will be used to purchase and stake HYPE tokens, and the company will charge a 0.3% fee on the total reserve. BitGo emphasized its regulatory compliance as its main advantage.