Paxos proposes Hyperliquid USDH expansion to PayPal and Venmo

The new proposal includes integrating USDH into the PayPal ecosystem and providing access to $20 million in incentives. PayPal and Venmo will also support Hyperliquid’s HYPE token and allow users to access USDH on their payment and transfer services for free. This model is similar to the Coinbase and USDC partnership, giving users easy access to sending, receiving, and converting funds.

According to Hyperliquid, September 10 is the last day for teams to submit their USDH proposals. Companies including Sky (formerly MakerDAO), World Liberty Financial, Ethena, Frax, Native Markets, OpenEden, BitGo, Levva, and Agora have submitted their strategies. Hyperliquid validators will vote on the proposals on September 14 between 10:00 and 11:00 UTC.

Hyperliquid, a high-volume decentralized derivatives platform, currently relies on third-party stablecoins, mainly Circle’s USDC, for its spot markets. Launching a native stablecoin would allow Hyperliquid to reduce dependency on external issuers and potentially capture more ecosystem revenue. USDH will operate alongside other stablecoins on the platform. HYPE, Hyperliquid’s native token, is among the top 15 largest cryptocurrencies, with a market cap exceeding $18 billion.