Neon-lit arena centers a dollar-stamped coin on Hyperliquid’s platform flanked by Paxos and PayPal emblems, while validator nodes beam votes toward competing pillars to issue USDH. Hyperliquid’s decision to launch its stablecoin has sparked one of the most competitive governance battles in recent memory. Last week, the decentralized exchange, which had been relying on Circle’s USDC for its liquidity, announced plans to introduce USDH as its native stablecoin. The move immediately attracted a wave of bidde ...