Paxos Labs is making significant strides in the stablecoin sector with the introduction of USDH, developed in collaboration with Hyperliquid. The launch of this new coin includes partnerships with PayPal and integration with Venmo.
The Role of PayPal and Venmo in the Project
The integration of USDH into PayPal and support for stablecoins on Venmo are central to Paxos' updated proposal. The company is backed by a $20 million financial incentive aimed at bolstering the Hyperliquid ecosystem.
The Future of Hyperliquid and USDH
Paxos plans to revamp the Hyperliquid framework to serve both individual users and institutional markets, focusing on fintech and brokerage partnerships. Key initiatives include attracting asset issuers and integrating DeFi.
Competition in the Stablecoin Market
The market includes competitors such as Frax Finance and the agora-Rain-LayerZero coalition, which offer different revenue-sharing models. The Hyperliquid Foundation asserts its neutrality in evaluating proposals.
Paxos Labs' updated USDH proposal highlights the company's ambitions to redefine the interaction between digital assets and mainstream financial systems, amidst active competition in the stablecoin market.
