Paxos submits proposal to issue the stablecoin USDH on HyperLiquid

Foresight News reported that stablecoin issuer Paxos has released a proposal to support the HyperLiquid stablecoin USDH. Paxos stated that it is committed to making Hyperliquid its top priority and has established a new entity, Paxos Labs. Paxos Labs has acquired Molecular Labs, the infrastructure provider behind LHYPE and WHLP. These two infrastructures have supported the Hyperliquid ecosystem since the first day HyperEVM launched. Paxos stated that if selected as the USDH issuer, it will implement a revenue-sharing plan, allocating 95% of the interest from the reserves supporting USDH to buy back HYPE, which will then be redistributed to ecosystem initiatives, partners, and users.

According to previous Foresight News coverage, Hyperliquid plans to select a team to develop a stablecoin named USDH, and interested teams can submit proposals in its Discord.