BitGo Highlights Compliance As OpenEden Proposes USDH Yield Options

Eight people, including BitGo and OpenEden, submitted ideas on the last day of the race to handle Hyperliquid’s native stablecoin, USDH. The winning bidder will decide the destiny of the stablecoin with a $5.9 billion reserve, mostly in . Today, September 11, 2025, hyperliquid Block confirmers begined voting. They have until Sunday to make their choices.
OpenEden’s Strategy Based On Yield
OpenEden, a platform for tokenising real-world assets, put together a strong proposal led by CEO Jeremy Ng. The company promises to send all of the money it makes from its USDH reserves back to the ecosystem, with a focus on purchaseing back Hyperliquid’s HYPE token. The money made by minting and redeeming USDH will also go towards HYPE purchasebacks, which will be given to Block confirmers.
OpenEden 3% of its EDEN token supply as incentives to make the deal even better. This amount could go up in the future. The reserves will be kept in a tokenised US Treasury Bills Fund, which The Bank of New York Mellon will keep secure.
This will make sure that the security is of institutional quality. Working with Chainlink, AEON Pay, and Monarq Asset Management makes it easier for people to use the service and for diverse systems to work together.
BitGo’s First Approach to Compliance
BitGo, a company that provides infrastructure for cryptocurrencies, its knowledge of regulations in its bid. The company wants to support USDH via bank deposits, short-term government bills, and other US dollar-based liquid assets. BitGo makes sure that blockchains can work together without any hardys by using Chainlink’s cross-chain protocol.
The revenue from reserves will assist people purchase and stake HYPE tokens. BitGo charges a small fee of 0.3% on all reserves. BitGo is a trusted partner for Hyperliquid’s stablecoin goals because it is licensed to do business in , Singapore, Denmark, New York, and Germany under the Markets in Crypto-Assets framework.
The Competitive Landscape and Voting
Other well-known competitors are Ethena, Paxos, Frax, Agora, Native Markets, and Sky. Native Markets is presently in the lead with 33.73% of Block confirmer votes. They want to split the reserve funds between purchasebacks and an Assistance Fund; however, the community is not delighted with this. To finalise the USDH issuer, Hyperliquid’s governance mechanism, which tests its decentralised decision-making, needs a two-thirds majority.
What This Means For Hyperliquid’s Ecosystem
The USDH ruling will have an effect on Hyperliquid’s $5.9 billion in reserves and the growth of its ecosystem. OpenEden’s yield-sharing mechanism could make Block confirmers more valuable, and BitGo’s focus on compliance might make it more appealing to institutions. When the voting is over, the preferred proposal will decide what USDH’s position will be in Hyperliquid’s decentralised finance world.