Hyperliquid plans to launch its native stablecoin, USDH, with validators voting to determine the issuer. Paxos, Frax, Agora, and Native Markets have submitted proposals, and Ethena has hinted at participating. Paxos proposes using 95% of interest to buy back HYPE; Frax plans to back it with frxUSD and offer zero commission, potentially generating annualized returns of $220 million; and Agora pledges to return 100% of net revenue to the ecosystem. The final decision will be determined by a vote on September 14th. (The Block)