Odaily Planet Daily reports that a bidding war for a stablecoin on one of the fastest-growing platforms in the cryptocurrency space is offering a preview of the industry's next phase and who might dominate it. The competition, taking place on the fast-growing trading platform Hyperliquid, centers on the right to issue USDH, a new token native to the platform's network and pegged to the US dollar. Bidders are key players in the crypto payments space: Paxos, Agora, Ethena, and a lesser-known startup, Native Markets. This competition is about more than just "honor"; it's about economic survival. Stablecoin issuers don't simply "mint" digital dollars; they also earn interest income from the assets backing these tokens. For example, Circle Internet Group, which issues the USDC stablecoin, shares this revenue with Coinbase Global through an agreement that helps both companies weather market volatility. With expectations of a drop in interest rates this week, expanding market share has become even more pressing. (Zhitong Finance)