Real-world asset tokenization platform OpenEden and BitGo are among the eight contenders vying to issue Hyperliquid’s native stablecoin, USDH. Hyperliquid validators will vote on proposals from Thursday to Sunday. OpenEden pledges to distribute yield to the ecosystem and buy back HYPE tokens. BitGo emphasizes regulatory compliance and using Chainlink for interoperability. Native Markets currently leads the vote for USDH proposal, with 33.73% of the delegate stake. Paxos Labs is in second place with 11.52% of the vote share. 46.49% stake is unassigned, potentially impacting the final outcome. Market participants are largely expecting Native Markets to win, according to a Polymarket poll. Other contenders include Ethena Labs and Sky.

Read more at Cointelegraph: USDH Competition Heats Up As OpenEden and BitGo Round Out The List