If you're tuned into the fast-paced world of DeFi, you've probably caught wind of the ongoing "USDH saga" on Hyperliquid, the decentralized perpetuals exchange that's making waves in blockchain trading. USDH is their native stablecoin, pegged to the US dollar, and right now, there's a heated competition over who gets to issue and back it. Proposals are flying in, and one coalition is standing out for its focus on true decentralization over corporate control.

In a recent thread on X, Keith Grossman, President of MoonPay—the crypto payments giant—dropped a bombshell announcement. MoonPay is officially teaming up with AUSD, Rain Cards, LayerZero, and EtherFi to power USDH with regulated payment rails and top-tier infrastructure. This move comes hot on the heels of praise from investors like Rob Hadick at Dragonfly, who called it "almost certainly the strongest we’ve seen so far."

The image above captures the essence of the proposal: a coalition built around Agora, a stablecoin infrastructure provider backed by heavyweights like Global VanEck and institutional-grade reserves. It's all about maximizing revenue share for Hyperliquid (up to 49%), ensuring they're first in

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line as a conflict-free deployer, and leveraging a "world-class coalition" for issuance, cards, orchestration, and interoperability. No wonder it's gaining traction—it's designed to bring Hyperliquid assets to new markets without the baggage of centralized players.

Grossman's post highlights MoonPay's edge: more licenses and KYC'd users than both Stripe and Bridge combined. "USDH deserves scale, credibility, and alignment—not BS capture," he wrote, taking a direct shot at the competing Stripe

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Bridge, and Tempo proposal. That one? It's criticized for scaling issues, counterparty risks, and potential regulatory capture by big tech incumbents.

The thread sparked some lively replies, including from Mike Dudas, a crypto investor and co-founder of The Block, who questioned whether MoonPay would withhold support if another proposal wins. Grossman fired back in the tweet we're spotlighting: "Hi Mike! We are committed to supporting builders within the DeFi ecosystem. @Nick_van_Eck sums this coalition up nicely. And, ultimately we will support anyone who shares this ethos. What we will NOT support are centralized players who are looking for regulatory capture, which is what the Stripe, Bridge and Tempo cabal ultimately is..."

Nick van Eck, CEO of AUSD, chimed in earlier, emphasizing unified communication and execution among teams with a proven track record. It's clear this isn't just about one stablecoin—it's a philosophical battle for DeFi's future. Will Hyperliquid go with the decentralized dream team or risk entangling with centralized giants?

As the voting process unfolds (with calls for Paradigm and a16z to recuse due to conflicts), keep an eye on this. For meme token enthusiasts and blockchain builders alike, a robust USDH could supercharge liquidity and innovation across ecosystems like Solana and Ethereum. Stay tuned—Meme Insider will keep you posted on how this shakes out.