Native Markets secured the USDH ticker for the Hyperliquid crypto exchange’s stablecoin after winning a community vote. Plans include testing mints and redeems up to $800, then opening the USDH/USDC order book. Odds of victory soared to over 99% after competitor Ethena withdrew. The bidding war sparked industry debate and criticism of the selection process.

Crypto industry leaders expressed mixed feelings about the USDH bidding process, with accusations of a rigged outcome. Some suggested stablecoin tickers may become abstracted in the future, with exchanges only displaying a generic “USD” to users. This backend process would handle the swapping of different stablecoins without user interaction.

Read more at Cointelegraph: Native Markets Takes Home The Prize, Secures USDH Ticker After Heated Race