BitGo, OpenEden filed last-day bids for USDH issuer
BitGo and OpenEden submitted proposals on the final day to issue Hyperliquid's planned USDH stablecoin. Validators declare intentions by September 11; the final on-chain vote is on September 14.
The selected issuer will manage roughly $5.6–5.9 billion of stablecoin balances on Hyperliquid, with around 95% currently held in USDC. Six other bidders include Paxos, Ethena, Frax, Agora, Native Markets and Sky.
OpenEden plans to return all reserve yield to the Hyperliquid ecosystem through HYPE token buybacks and validator distributions. Minting and redemption fees would fund additional HYPE purchases, while 3% of EDEN token supply serves as incentives.
The company would back USDH reserves with tokenized U.S. Treasury Bills through a fund custodied by BNY Mellon. OpenEden launched its TBILL product in 2023, offering exposure to short-dated Treasuries and reverse repos via an on-chain structure.
In turn, BitGo proposed using U.S. dollar-backed liquid assets, including bank deposits and short-term Treasuries, for minting and redemptions. The firm would charge a 0.3% fee on total reserves and use yield from underlying assets to buy and stake HYPE tokens.
BitGo emphasized its regulatory licenses across multiple jurisdictions. The company holds a MiCA license from Germany's BaFin, a VASP license from Dubai's VARA, and a New York trust charter. BitGo plans to use Chainlink's protocol to maintain cross-chain connectivity.
OpenEden plans to return all reserve yield to the Hyperliquid ecosystem through HYPE token buybacks and validator distributions. Minting and redemption fees would fund additional HYPE purchases, while 3% of EDEN token supply serves as incentives.
The company would back USDH reserves with tokenized U.S. Treasury Bills through a fund custodied by BNY Mellon. OpenEden launched its TBILL product in 2023, offering exposure to short-dated Treasuries and reverse repos via an on-chain structure.
In turn, BitGo proposed using U.S. dollar-backed liquid assets, including bank deposits and short-term Treasuries, for minting and redemptions. The firm would charge a 0.3% fee on total reserves and use yield from underlying assets to buy and stake HYPE tokens.
BitGo emphasized its regulatory licenses across multiple jurisdictions. The company holds a MiCA license from Germany's BaFin, a VASP license from Dubai's VARA, and a New York trust charter. BitGo plans to use Chainlink's protocol to maintain cross-chain connectivity.
Native Markets collected the largest share of delegated stake in early voting, though nearly half of the votes remained unassigned initially. At present, the company maintains a significant lead, and it seems highly unlikely that anything will change dramatically once the voting ends.
Results will hinge on how stake is (re)delegated ahead of the Sept. 14 vote, with a large share initially undelegated. The selection will determine how reserve income gets distributed between HYPE buybacks, validator incentives and ecosystem funds. It also decides whether collateral sits in tokenized Treasuries, custodial cash, or other short-duration assets.
Results will hinge on how stake is (re)delegated ahead of the Sept. 14 vote, with a large share initially undelegated. The selection will determine how reserve income gets distributed between HYPE buybacks, validator incentives and ecosystem funds. It also decides whether collateral sits in tokenized Treasuries, custodial cash, or other short-duration assets.
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