Paxos News

Hyperliquid’s first stablecoin vote has drawn bids from Paxos, Frax, Sky, Agora and newcomer Native Markets, with billions in trading volume and stablecoin flows on the line.

OpenEden and BitGo round out the list of eight bidders on the final day of submission in the race to issue Hyperliquid’s stablecoin. Voting begins today and will end on Sunday.

Paxos updated its bid to issue Hyperliquid’s USDH stablecoin, unveiling a PayPal-backed product with payment integration and a revenue model tied to the DEX’s growth.

Ethena joins Paxos, Frax, Agora, Native Markets and Sky in the race to issue Hyperliquid’s USDH, a mandate tied to $5 billion in liquidity.

MoonPay, Agora, Paxos, Frax and others are challenging Stripe’s Bridge proposal to issue Hyperliquid’s USDH stablecoin, pushing for community rewards.

Paxos has proposed a fully compliant USDH stablecoin for the Hyperliquid ecosystem, with most of its yield funneled into HYPE token buybacks.

Paxos has reapplied for a US national trust bank charter after its 2021 conditional approval lapsed, seeking OCC oversight as new stablecoin rules emerge.

The New York Department of Financial Services (NYDFS) said the fine was due to a lack of anti-money laundering oversight.

JPMorgan, Citigroup and Bank of America are all in the early stages of stablecoin development.

Launched in November 2024, the USDG stablecoin has a total circulating supply of around $356 million.

Paxos launched the Global Dollar stablecoin in the EU, claiming MiCA compliance and support from Kraken, Robinhood and Mastercard under the GDN initiative.

Gold-backed cryptos like Tether Gold and Paxos Gold have risen around 7% in the past month as investors seek safe haven assets.

PayPal will offer a 3.7% yield on PYUSD to boost usage, with monthly rewards paid in the stablecoin, according to a Bloomberg report.

Coinbase confirmed it is considering applying for a US federal bank charter amid moves by crypto firms to integrate with the traditional financial system.

Major crypto firms, including Circle, BitGo, Coinbase and Paxos, are exploring bank charters amid evolving US stablecoin regulations, according to The Wall Street Journal.