OpenEden, BitGo Enter USDH Bidding, Native Markets Might Lead Vote with USDC-Dominated Reserves

• Eight bidders including OpenEden and BitGo are competing to issue USDH

• Voting is open now for Hyperliquid validators and closes on Sunday

• Reserve size: $5.9 billion, with 95.56% held in USDC (DefiLlama data)

USDH stablecoin bidding heats up — OpenEden and BitGo join the race; read vote status, reserve details, and what validators should consider. Vote now.

What is the USDH stablecoin bidding process?

USDH stablecoin bidding is a governance-driven selection where Hyperliquid validators choose an issuer to manage USDH’s minting, redemption and the protocol’s $5.9 billion reserve. Voting runs from Thursday to Sunday and the winner sets custody, asset allocation and yield distribution rules.

How will the winning issuer manage the USDH reserve?

The winning issuer will determine reserve composition, custody arrangements and yield allocation. Currently, 95.56% of Hyperliquid’s reserve is held in USDC according to DefiLlama. Issuers propose using US dollar-backed liquid assets, short-term treasury bills, bank deposits, and tokenized instruments.

What did OpenEden propose for USDH?

OpenEden proposes storing USDH reserves in a tokenized US Treasury Bills Fund with custody by The Bank of New York Mellon. The platform pledged to distribute all generated yield to the Hyperliquid ecosystem and use mint/redeem proceeds for HYPE buybacks and validator distributions.

OpenEden has allocated 3% of its EDEN token supply for additional incentives and cites partnerships with Chainlink, AEON Pay and Monarq Asset Management for adoption and integration.

How does BitGo position its bid for USDH?

BitGo emphasizes regulatory compliance and a diversified reserve model that includes US dollar-backed liquid assets, bank deposits and short-term treasuries. The proposal uses Chainlink’s crosschain interoperability protocol for multi-chain functionality and plans to allocate yield to buy and stake HYPE tokens while charging a 0.3% fee on reserves.

Who is leading the vote and what are the current tallies?

Native Markets currently leads with 33.73% of delegate stake. Paxos Labs follows at 11.52%. About 46.49% of the stake remains unassigned, which could sway the final outcome. A separate Polymarket poll shows market participants largely expect Native Markets to win.

Why is community sentiment relevant?

Community members and industry voices have raised concerns and endorsements. Haseeb Qureshi questioned potential vote concentration around Native Markets, while Nansen’s CEO Alex Svanevik stated active engagement to keep the bidding competitive. These exchanges affect perception but do not replace on-chain vote results.

Dashboard indicates Native Markets leading the vote. Source: USDH Vote Tracking Dashboard

When do votes close and what happens next?

Voting opened on Thursday and closes on Sunday. After votes are tallied, the selected issuer will operationalize minting and redemption mechanisms, transition custody as required and implement its yield distribution plan for the Hyperliquid ecosystem.

Frequently Asked Questions

Who are all the bidders for USDH?

Eight bidders: OpenEden, BitGo, Ethena, Paxos, Frax, Agora, Native Markets and Sky. Each submitted proposals detailing reserve management and governance incentives.

How will validators cast their votes?

Validators use the Hyperliquid governance interface during the announced window to select a bidder. Votes are binding under the protocol’s governance rules and will determine the USDH issuer.

Key Takeaways

• Vote window: Voting runs from Thursday to Sunday; validators must act within that timeframe.
• Reserve scope: $5.9B reserve, 95.56% in USDC; reserve management is the core decision for the winning bidder.
• Top contenders: Native Markets leads current votes; OpenEden and BitGo entered late but present distinct custody and compliance plans.

Conclusion

The USDH stablecoin selection is a pivotal governance event for Hyperliquid: validators will choose among eight bidders, each offering different custody, compliance and yield strategies. Watch vote tallies closely and evaluate proposals on reserve safety and transparency; the result will shape USDH’s operational model and ecosystem incentives.