Deng Tong, Golden Finance On September 5, 2025, Hyperliquid announced the launch of the stablecoin USDH. After the network upgrade, validators will select the most suitable team to build the native minting of the Hyperliquid stablecoin through an on-chain transparent voting mechanism. Interested teams can submit proposals in the forum. Once the news broke, many crypto companies in the industry submitted proposals to support the HyperLiquid stablecoin USDH, and the competition for the issuance rights of the USDH stablecoin has become increasingly fierce. Even Polymarket has launched related bets. This article outlines which companies are involved in the competition for USDH issuance rights and discusses why USDH is so popular and whether it will impact USDC. 1. The dispute over USDH issuance rights among six major companies Native Markets September 5, 2025, at Hyperl