On September 9th, Paxos Labs co-founder bhau stated at the "USDH Stablecoin Roundtable" hosted by Hyperliqud that Paxos Labs is a natural fit for the Hyperliquid ecosystem. Paxos Labs has a dedicated Hyperliquid team that has been developing on Hyperliquid since day one. Paxos is also one of the longest-standing compliant stablecoin issuers in the industry, the only institution to hold both a state trust charter from the New York Department of Financial Services and a federal charter from the OCC (U.S. Office of the Comptroller of the Currency). We believe USDH will become an asset with a market capitalization exceeding $10 billion, and potentially even larger. Only federally regulated entities can issue assets with a market capitalization exceeding $10 billion, a not-so-easy qualification and a key strength for Paxos Labs. If a compliant global stablecoin is important to the community, Paxos is the only provider in the industry who can deliver.
As BlockBeats previously reported, last Friday, Hyperliquid announced the launch of a "Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin," reserving the USDH token ticker for the purpose. Subsequently, several stablecoin issuers, including Paxos, Frax Finance, Ethena Labs, and Agora, quickly entered the competition for the right to issue the USDH stablecoin.
