Native Markets Wins USDH Stablecoin Ticker Amid Community Debate
Native Markets has secured the rights to the USDH stablecoin ticker, intended for issuance on the Hyperliquid crypto exchange. Following a widely followed bidding competition, Native Markets emerged as the winning bidder, according to Max Fiege, the company’s founder.
Fiege announced plans to submit a Hyperliquid Improvement Proposal (HIP) based on their bid, initiating a testing phase with limited mint and redeem transactions capped at $800 per transaction for an initial user group. This phase will be succeeded by the launch of the USDH/USDC spot order book alongside uncapped minting and redeeming capabilities. Additionally, Native Markets intends to release a USDH ERC-20 token compatible with the Ethereum network concurrent with the HIP submission.
The bidding contest has sparked mixed reactions within the crypto community, with some industry leaders expressing concerns over the stablecoin sector’s trajectory and the implications for exchange management of stable tokens.
Pakistan Invites International Crypto Firms to Apply for Licenses
The Pakistan Virtual Asset Regulatory Authority (PVARA) has extended an invitation to global crypto exchanges and virtual asset service providers (VASPs) to seek licenses under its newly established federal regulatory framework. This initiative aims to foster a transparent and inclusive digital financial ecosystem within Pakistan.
According to a report by Dawn, PVARA is accepting Expressions of Interest (EoIs) from firms already regulated by recognized authorities such as the US Securities and Exchange Commission (SEC), UK Financial Conduct Authority, EU VASP framework, UAE Virtual Assets Regulatory Authority, and Singapore’s Monetary Authority.
Bilal bin Saqib, PVARA chair and Pakistan’s minister of state for crypto and blockchain, emphasized the invitation as a call to leading global VASPs to collaborate in Pakistan’s digital asset market. Notably, Pakistan ranks third worldwide in crypto adoption, underscoring the potential impact of this regulatory development.
Wall Street Veteran Predicts Increased Bitcoin Allocations by Traditional Finance
Jordi Visser, a seasoned macro analyst and Wall Street veteran, forecasts a significant rise in Bitcoin allocations by US financial institutions before the end of 2024. In an interview with Anthony Pompliano, Visser asserted that traditional finance portfolios will increase their Bitcoin exposure in preparation for the coming year.
Visser highlighted that the fourth quarter could see heightened institutional activity in Bitcoin investments, coinciding with ongoing market discussions about whether Bitcoin will reach a cycle peak during this period.
FinOracleAI — Market View
The awarding of the USDH ticker to Native Markets signals increased competition in the stablecoin space, which may drive innovation but also invites scrutiny over regulatory and operational robustness. Pakistan’s move to license international crypto firms under a formal framework could enhance market legitimacy and adoption locally, potentially attracting foreign investment. Meanwhile, the anticipated rise in institutional Bitcoin allocations suggests growing confidence in digital assets among traditional investors, which could support price stability and liquidity.
Impact: Positive
