Crypto enthusiasts are buzzing over the latest drama in the DeFi space, thanks to a simple yet provocative question from renowned journalist Laura Shin. On September 9, 2025, she posted on X: "Which do you think will win the USDH ticker? (Apologies to Sky, Native Markets, Frax, Curve, etc., etc.)" This tweet has sparked a wave of replies and speculation, highlighting the intense bidding war for Hyperliquid's upcoming stablecoin.

For those new to the scene, Hyperliquid is a powerhouse in decentralized perpetual futures trading, boasting billions in user deposits—mostly in USDC. To diversify and capture more value, the platform is rolling out its own stablecoin, USDH. But instead of building it in-house, Hyperliquid is letting top protocols pitch their ideas, with the community of validators deciding the winner through a vote on September 14, 2025. It's like a crypto version of "Shark Tank," where the prize is managing potentially billions in stablecoin reserves.

Shin's tweet calls out several heavy hitters, and the replies range from serious picks like Ethena to playful jabs. Let's break down the key contenders and what they're bringing to the table, based on their public proposals.

Sky (Formerly MakerDAO)

Sky is throwing its hat in the ring with an aggressive offer: a 4.85% return on all USDH held on Hyperliquid, backed by their massive $12.5 billion in stablecoin experience from DAI and USDS. They're promising instant liquidity up to $2.2 billion, multi-chain support via LayerZero, and even a $25 million fund to bootstrap DeFi projects on Hyperliquid. If compliance is a concern, they can tweak it to align with regulations like the GENIUS Act. It's a polished, enterprise-level pitch that's turning heads.

Ethena

Ethena entered the fray as a strong DeFi-native option, proposing to back USDH with their USDtb token, which is anchored by BlackRock's BUIDL fund. They'd redirect 95% of net revenue back to Hyperliquid through HYPE token buybacks or validator rewards. Plus, they'd cover costs if Hyperliquid switches its trading pairs from USDC to USDH. This setup emphasizes yield generation and ecosystem alignment, appealing to those who want to keep things decentralized.

Frax Finance

Frax is going for a "community-first" vibe, pegging USDH 1:1 to their frxUSD stablecoin. Holders would get 100% of the underlying yield, with seamless cross-chain moves via LayerZero and easy on-ramps through Stripe and Bridge. It's GENIUS-compliant out of the box, focusing on user benefits and broad accessibility.

Paxos

As a regulated player, Paxos promises a "Hyperliquid-first, compliant" USDH, routing up to 95% of reserve interest into HYPE buybacks and ecosystem growth. Backed by US Treasuries and their own stablecoins, it's a safe bet for those prioritizing stability and legal soundness.

Agora

Backed by MoonPay and endorsed by VanEck's CEO, Agora offers to return 100% of net revenue to Hyperliquid via HYPE buybacks or an assistance fund. They highlight fast on/off ramps with partners like Cross River Bank, making it easy for users to enter and exit.

Native Markets and Others

Native Markets, mentioned in Shin's tweet, ties into Stripe's Bridge for issuance, championed by Hyperliquid supporters. Curve, another name dropped, might be lurking in the background—perhaps through integrations or indirect bids—but hasn't surfaced with a direct proposal yet. And don't forget the "etc., etc."—rumors swirl about more entrants before the deadline.

Why does this matter for meme token fans? Stablecoins like USDH are the backbone of trading liquidity. A well-backed USDH could supercharge perpetuals trading on Hyperliquid, where many meme tokens find their wild price swings. If Hyperliquid shifts its $5.4 billion in deposits from USDC to USDH, it could shake up the entire stablecoin market, creating new opportunities for yield farming and meme-driven hype.

The vote is just days away, and the crypto community is divided between corporate-backed stability and pure DeFi innovation. Shin's tweet perfectly captures the excitement—who do you think will win? Head over to X and join the conversation, or keep an eye on Hyperliquid's updates for the final reveal. In the fast-paced world of blockchain, battles like this remind us why we're all here: for the tech, the yields, and a bit of good old-fashioned rivalry.