Paxos Labs has introduced an updated proposal for the issuance of the USDH stablecoin, developed by Hyperliquid. The new initiative includes collaboration with PayPal and integration with Venmo.
Paxos Collaborates with PayPal and Venmo
The updated proposal aims to integrate USDH into PayPal's payment infrastructure. It also outlines support for stablecoins on Venmo and plans to list the HYPE coin on the platform. PayPal has committed to providing a $20 million incentive for the Hyperliquid ecosystem.
Intense Competition in the Hyperliquid Tender
Paxos seeks to transform Hyperliquid's infrastructure to provide liquidity for both individual users and institutional markets. During the tender, Paxos faces competition from Frax Finance, the Agora-Rain-LayerZero partnership, Ethena Labs, and Sky, which have proposed different revenue sharing schemes.
Plans for Integration with Fintech
The project also includes attracting asset issuers via HIP-3 and enhancing DeFi integration through HyperEVM. Paxos emphasized its alignment with the GENIUS Act and its authorization to issue coins in Europe.
Paxos’ updated proposal for USDH, focusing on integration with PayPal and Venmo, as well as competitive initiatives, highlights the significance of stablecoins in the modern financial market.
