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

Author: Squiffs

Compiled by: Jia Huan, 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 votes.

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 heard 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 announcement of the USDH Call for Proposals (RFP), which seems to indicate that they got the news early. Under

Qureshi's post, CL, a pseudonymous crypto trader and Hypurrscan spokesperson who accounts for 15% of Hyperliquid's total voting power,...

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