Dragonfly Partner: There is a black box operation in the Hyperliquid stablecoin issuance bid

Written by: Squiffs

Compiled by: Jiahuan, ChainCatcher

Hyperliquid's planned native stablecoin USDH has become one of the most eye-catching competitions in the DeFi space in recent years, with institutions and DeFi projects vying for validator support.

But Haseeb Qureshi, a partner at crypto investment firm Dragonfly, claimed that the competition has long been a "black box deal." He posted on X (formerly Twitter): "I have learned from multiple bidders that all validators are only interested in Native Markets and have not seriously considered any other party at all, as if a behind-the-scenes deal has already been reached. Native Markets' proposal was released shortly after the USDH RFP was announced, which seems to indicate that they got the news early."

Under Qureshi's post, CL, a pseudonymous crypto trader and Hypurrscan spokesperson for 15% of Hyperliquid's total voting power, publicly expressed his support for Native Markets....

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