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,...

9.83K

The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.