A new proposal suggests that Agora's stablecoin infrastructure could power USDH, the native stablecoin of the Hyperliquid platform. The plan involves a coalition of "best-in-class providers" to support the stablecoin, with the stated goal of operating USDH as a public good for the benefit of the community.

Key partners have already been announced. MoonPay will reportedly integrate USDH across all its payment rails on the first day, providing access to tens of millions of new users for the Hyperliquid ecosystem. Additionally, Centrifuge has joined the coalition, further expanding the potential use cases for USDH.

The proposal emphasizes that net revenue from USDH, after deducting custodian fees, will be directed back to the Hyperliquid community. This initiative is presented as a community-focused alternative to vertically integrated issuers and is designed to foster a more open and collaborative ecosystem around USDH.