Asia’s Financial Circus: Stablecoin Drama and the $5.5B Gamble

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Markets

What to know:

  • Native Markets leads in Hyperliquid’s stablecoin vote with 30.8% of the delegated stake, but 57% remains unassigned.
  • Hyperliquid’s decision on USDH could redirect significant Treasury yield and impact its $5.5 billion USDC deposits.
  • Bitcoin and Ethereum show short-term gains, while gold holds steady as markets await U.S. inflation data.

Good Morning, Asia. Here’s what’s making news in the markets:

Ah, the first whispers from the deep jungle of Hyperliquid’s stablecoin vote, where Native Markets, bless their hearts, seem to be leading the charge. But let’s not get too excited-there’s a long way to go before the finish line. The Stripe-aligned team is currently basking in the glory of a modest 30.8% of the delegated stake. The real kicker? Over half of it (a whopping 57%) is still up for grabs. Who’s betting on the other 57%? Someone call in the circus clowns!

As of Thursday morning, Hong Kong time (because that’s where all the magic happens, right?), Native Markets has secured the lead, thanks to some big fish in the validator pool-like infinitefield.xyz (13.5%) and Alphaticks (5.2%).

Paxos Labs, the New York-based regulator of PayPal’s PYUSD, is sitting pretty at 7.6% with backing from B-Harvest and HyBridge. And let’s not forget Ethena, with a modest 4.5%. Agora, Frax, and Sky? Oh, they’re still waiting for a little validation, quite literally. But hey, who needs real votes when you’ve got a flashy proposal?

But, here’s the real drama: the big dogs-Nansen x HypurrCollective (18%) and Galaxy Digital-haven’t cast their votes yet. Those guys are playing their cards close to the chest. Guess what? They’re the ones who’ll decide whether Native Markets’ early momentum is just a hot air balloon or a real contender.

Let’s zoom out for a second. We’re talking about more than just another dull token launch. Oh no, my friend. Hyperliquid is sitting on a tidy $5.5 billion in USDC deposits. That’s around 7.5% of the stablecoin’s total supply. If USDH swoops in and takes that throne, it’s going to rewrite the financial rulebook. Do you smell the money?

Native Markets is proposing a Hyperliquid-native stablecoin through Stripe’s Bridge infrastructure, promising yield-sharing to the Assistance Fund and HYPE buybacks. But wait, hold on! Nick van Eck, the Agora CEO, has some strong words. He’s concerned that Stripe’s simultaneous launch of its Tempo blockchain and its control of wallet provider Privy could stir up some messy conflicts. I mean, who could’ve seen that coming? It’s almost like we’re dealing with billion-dollar babies here.

And yet, some validators are still enchanted by Stripe’s global payment rails. Oh, the allure of global dominance. How could anyone resist?

But what’s really at stake? More than just another launch, my friend. Hyperliquid controls nearly 80% of decentralized perpetuals trading. The issuer of USDH won’t just mint a stablecoin; they’ll get a direct wire into the financial pulse of one of crypto’s most agile exchanges. It’s like being handed the keys to the kingdom, only it’s all digital, and there’s a lot more at stake than your mom’s basement savings account.

Market Movement:

BTC: Trading at $114,053-up by 2.6% in the past 24 hours, and 2.1% over the week. But, and there’s always a “but,” it’s still down 3.9% for the month. Apparently, Bitcoin is still figuring out whether it’s on a short-term rebound or just trying to catch its breath.

ETH: ETH is doing a little better at $4,373.99, up by 2%. Apparently, it’s shrugging off a mass-slashing event that punished over 30 validators. But hey, who needs validators when you’ve got Ethereum’s bad-boy status?

Gold: Sitting near $3,635 an ounce. After reaching $3,674 on Tuesday, gold’s holding steady as investors await U.S. inflation data. ANZ, those clever folks, raised their year-end target to $3,800, and a peak near $4,000 by June? Well, they’re certainly feeling bullish. Or maybe they just like shiny things.

Nikkei 225: Asia-Pacific markets were a mixed bag on Thursday. Japan’s Nikkei 225 was up by 0.23%, while the Topix slid 0.18%. Meanwhile, Wall Street’s frolicking on record highs, thanks to Fed rate-cut hopes and inflation data that’s just begging to be analyzed.

S&P 500: The S&P 500 rose 0.3% to a new record of 6,532.04 on Wednesday, all thanks to an unexpected drop in wholesale prices. I mean, who could’ve predicted that? Oh, wait. Everyone. Hopes for a Fed rate cut next week are sky-high.

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2025-09-11 05:15