On September 13, Native Markets emerged victorious in the bidding war for the USDH stablecoin ticker.
It is the dollar-pegged stablecoin for the Hyperliquid decentralized exchange.
Max Fiege, founder of Native Markets, announced via an X post that the team will soon submit a Hyperliquid Improvement Proposal (HIP) for USDH.
After a successful testing phase with an initial group, which capped mints and redeems at $800 per transaction, the plan is to launch a USDH/USDC spot order book.
Following this, the caps on mints and redeems will be removed.
The plan also includes the introduction of a USDH ERC-20 token for the Ethereum network, alongside the HIP.
The bidding process for this plan has sparked debate within the crypto community, with some industry leaders questioning the future of stablecoins and how they are managed by exchanges.
Pakistan Goes Pro Crypto With New Regulatory Framework
Pakistan’s Virtual Asset Regulatory Authority (PVARA) has invited international crypto exchanges and virtual asset service providers (VASPs) to apply for operating licenses under a new regulatory framework.
According to a report by Dawn, PVARA’s call for Expressions of Interest (EoIs) was announced on Saturday, aiming to foster a transparent digital financial ecosystem.
Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain, emphasized the initiative’s goal to attract top-tier VASPs.
Only firms licensed by recognized regulators, such as the US SEC, UK FCA, EU VASP framework, UAE VARA, or Singapore’s MAS, are eligible to apply. Pakistan, ranking third globally in crypto adoption, is positioning itself as a hub for digital assets.
Wall Street to Boost Bitcoin Allocations
Wall Street veteran Jordi Visser predicts a significant increase in Bitcoin allocations by US financial institutions before the end of 2025.
In an interview with Anthony Pompliano on YouTube, Visser stated,
“Between now and year-end, Bitcoin allocations for next year from traditional finance will rise.”
He anticipates broader portfolio integration of Bitcoin in Q4, aligning with debates about whether Bitcoin’s price will peak this cycle.
