Summary
- Paxos said it proposed issuing 'USDH', a stablecoin dedicated to the Hyperliquid ecosystem.
- It said USDH will be launched as regulatory-compliant, adhering to the US 'GENIUS bill' and the European Union's Markets in Crypto-Assets Regulation (MiCA).
- Paxos said it plans to use 95% of the interest income from USDH reserves to buy back Hyperliquid tokens.
Stablecoin (a virtual asset whose value is pegged to fiat currency) infrastructure firm Paxos has reportedly proposed issuing a Hyperliquid ecosystem–exclusive stablecoin called 'USDH'.
On the 7th (Korean time), crypto-focused outlet Cointelegraph reported that Paxos said via X (formerly Twitter) that it proposed issuing USDH.
USDH is expected to be launched as fully regulatory-compliant in line with the US 'GENIUS bill' and the European Union's Markets in Crypto-Assets Regulation (MiCA).
It also disclosed tokenomics in which profits generated by USDH would be used to purchase Hyperliquid tokens. Paxos plans to use 95% of the interest income from USDH reserves for Hyperliquid token buybacks. The purchased tokens are then redistributed to users, validators, and partners.
The project is being led by Paxos's subsidiary organization 'Paxos Labs'.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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