Native Markets Wins Hyperliquid’s USDH Bid

Bidding for Hyperliquid's stablecoin USDH

Hyperliquid, which handled $400 billion in trading volume last month, is inviting issuers to compete for the USDH deployment contract. Paxos, Frax, Agora and Native Markets are the first bidders, then Sky (formerly MakerDAO) and Ethena Labs joined the competition.

Their offers are

• Ethena pledged return 95% of reserve revenue to the Hyperliquid community either in the form of HYPE purchases and contributions to the Assistance Fund, HYPE purchases and distributions to all validators (see section Economics section below for details), and other means that may be considered preferred by the community. See details https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/vG9tVz8p6Da6vX8CiZ30A0CYM3wIiWlIBX6Zlj0qhQ8
• Sky proposed 4.85% returns on USDH, $2.2 billion in redemption liquidity, and a $25 million investment in DeFi on Hyperliquid.
• Paxos pledged 95% of reserve earnings to HYPE buybacks alongside a zero-fee USDC migration.
• Frax offered a “community-first” wrapper model where 100% of Treasury yield would flow directly to users.
• Agora, backed by State Street, VanEck, and MoonPay, promised 100% of net revenue into HYPE buybacks and stressed neutrality.
• Native Markets proposed splitting the proceeds from the reserves, with half of the proceeds being used to buy back HYPE tokens, while the other half being granted to the Assistance Fund.

Finally, Native Markets wins the Hyperliquid stablecoin ticker USDH, as predicted by Polymarket https://polymarket.com/event/who-will-win-the-usdh-ticker-159

USDE went live on Binance

Ethena has partnered with Binance on USDe including:

• USDe reward bearing collateral for futures and perpetual trading (90% collateral ratio)
• Direct integration with Binance Earn
• USDe spot pairs

See announcement https://x.com/ethena_labs/status/1965368486580105439

But on second thought, isn't there an additional risk emerging? Suppose I use USDC originally in Binance, and now I go to Ethena and minted USDe then transfer back to Binance, meanwhile Ethena also deposit my USDC into Binance. With this process, the market suddenly doubled liquidity. If USDe one-day runs into insolvency issue, this would be a TBTF in crypto.

Bybit off-exchange custody with Sygnum Bank

Sygnum Bank has integrated Bybit into its Sygnum Protect off-exchange custody platform.

Bybit institutional customers can now trade crypto spot and derivatives on their principal exchange, and have their assets held off balance sheet in Sygnum’s regulated, bank-grade custody. Sygnum enables a range of flexible collateral optionsiii including crypto and stablecoins. Collateral held with Sygnum is instantly mirrored on Bybit and available for trading, with trading P&L’s settled automatically every eight hours.

Sygnum has seen surging institutional demand for its off-exchange custody solution since it was launched with Binance in April 2024, and further expanded with Deribit in March 2025. Now including Bybit, Sygnum Protect is the largest bank operated off-exchange custody platform, with member exchanges now accounting for over 50% of global spot and derivatives exchange volumes.

1Token's Service

Serving 70+ Clients worldwide, 1Token's Crypto PMS, RMS, and Portfolio Accounting Software has the unique trading know-how and technology capabilities to build:

• Front office (portfolio managers and traders) to view live position and exposure, calculate trading PnL and historical performance.
• Middle office (ops and risk) to maintain portfolios and API accounts, book OTC trades, monitor risk metrics and analyze VaR/STV, generate shadow NAV with investor subscription/redemption/dividend.
• Back office (admin and auditors) to collect and reconcile trades, generate valuation and PnL reporting under FIFO/WAC tax strategy.