The race to power Hyperliquid’s upcoming native dollar stablecoin, USDH, appears increasingly one-sided. According to Polymarket betting activity, Native Markets is now the clear frontrunner to secure the right to launch and support the stablecoin, with traders assigning it a striking 94% probability of winning.
Hyperliquid is scheduled to hold its vote on Sept. 14, 2025, from 10:00 to 11:00 UTC, when the network will decide which team will provide the backbone for USDH. The field includes Paxos, Agora, Bastion, Native Markets, Ethena, Sky (formerly MakerDAO), and Frax. Each proposal reportedly differs in its approach to yield sharing, ecosystem alignment, and the structure of reserves backing the stablecoin.
Prediction markets point to a runaway lead
On Polymarket, the total wager pool tied to the contest has surpassed $2.62 million. Native Markets has separated itself sharply from the rest of the field. Paxos, the nearest recognizable contender in the report, trails at just 3%. The article also notes that a Paxos market showed 22% odds with about $541,941 in trading volume, while Ethena sat near 2% after a decline, with roughly $590,052 traded. Sky registered less than 1% support on around $324,014, and both Frax and Agora were also below 1%, with approximately $210,002 and $196,637 in volume respectively.
While the reported figures present multiple market snapshots, the broader message is consistent: traders in prediction markets are heavily favoring Native Markets over every rival in the USDH contest.
A newcomer with a single mission
What makes Native Markets especially notable is that, unlike several competing bidders, it reportedly has no prior history of issuing or managing stablecoins. Instead, it was created specifically to compete for the right to issue Hyperliquid’s USDH, and is said to be guided by people already closely connected to the Hyperliquid ecosystem.
The report adds that Native Markets is not only leading on Polymarket but is also ahead in early validator voting. That suggests its edge may extend beyond speculative sentiment and into the preferences of participants more directly involved in network governance.
Decision day is approaching
With the voting window drawing near, the Hyperliquid community is set to determine which bidder will ultimately shape the rollout of USDH. For established names such as Paxos, Ethena, Sky, and Frax, the outcome could also reveal what Hyperliquid values most in a stablecoin partner: an established issuance track record or tighter alignment with its native ecosystem. For now, both prediction market pricing and early validator signals indicate that Native Markets holds the strongest position going into the vote.