🐙 Kraken vs Paxos: The Battle for Hyperliquid’s Soul! 🚀

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In a universe where stablecoins are as common as awkward silences at a family reunion, Kraken has boldly declared it will list USDH and Hyperliquid’s HYPE token from day one-but only if Paxos wins the upcoming bid for Hyperliquid’s Stablecoin Contract. Yes, you read that right. It’s like a galactic chess match, but with more spreadsheets and fewer spaceships. 🌌

“Making it easier for anyone to access @HyperliquidX. @krakenfx has agreed to list Paxos-issued USDH (w/ free USD on/off ramps) + HYPE from day 1. Issuance gets you a stablecoin. Distribution gets you adoption. *Pending approval following Kraken’s standard listing diligence…”

– Paxos (@Paxos) September 11, 2025

Apparently, this listing will also include free USD on/off ramps, which is basically the financial equivalent of a magic carpet ride. 🪨✨ Still, it’s all “pending approval” because, you know, Kraken has to make sure it’s not accidentally listing a token backed by a pile of used teabags. 🫖

Paxos: The Stablecoin Whisperer

On September 5, Hyperliquid announced the USDH ticker would be released through an on-chain validator voting process. Think of it as a democratic election, but for stablecoins. The winner gets to be backed 1:1 by the U.S. dollar, which is about as exciting as it sounds. 🤑 Paxos, not one to shy away from a challenge, submitted a proposal for its Paxos Labs team to manage USDH. Their plan? Fee-free swaps from USDC and a promise to return 95% of interest earnings to Hyperliquid via HYPE token rewards and buybacks. Generous, or just really good at PR? You decide. 🤔

Not content with their initial September 6 proposal, Paxos dropped Version 2 on September 10, complete with a partnership with PayPal, better community rewards, and global expansion efforts. Because why stop at the moon when you can aim for the entire galaxy? 🌙

The Stablecoin Hunger Games

Paxos might be leading the pack, but the competition is fiercer than a Vogon poetry slam. Frax Finance is backing USDH with frxUSD and has BlackRock’s BUIDL fund in its corner. Meanwhile, Agora, Rain, LayerZero, Ethena Labs, and Sky are all throwing their hats into the ring. It’s like a financial version of *The Bachelor*, but with fewer roses and more whitepapers. 🌹

In other news, Kraken has expanded its EU services by letting customers trade over 60 tokenized U.S. stocks, including Apple, Meta, and GameStop. Because who doesn’t want to trade blockchain-based tokens that mirror real share prices? It’s like owning a piece of the stock market, but with extra steps. 🍎

Hyperliquid’s final decision will be made by a validator vote on September 14, 2025. Until then, grab your popcorn and watch as these financial titans battle it out for stablecoin supremacy. May the odds-and the on-chain votes-be ever in their favor. 🎬

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2025-09-11 12:09