What to Know:
- Native Markets is currently leading in Hyperliquid’s stablecoin vote, holding 30.8% of the delegated stake, while 57% remains unassigned.
- A decision by Hyperliquid concerning USDH could significantly affect its $5.5 billion in USDC deposits.
- Bitcoin and Ethereum have both shown short-term gains, as markets await upcoming U.S. inflation data.
Good Morning, Asia! Here’s what’s making news in the markets:
Welcome to the Asia Morning Briefing, your daily summary of top stories during U.S. hours along with a market overview.
Native Markets’ Progress
As of Thursday morning Hong Kong time, Native Markets has a leading position, securing 30.8% of the delegated stake, including contributions from major validators like infinitefield.xyz (13.5%) and Alphaticks (5.2%).
Other participants include Paxos Labs, the issuer behind PayPal’s dollar-pegged PYUSD, holding 7.6% with support from B-Harvest and HyBridge. Meanwhile, Ethena has attained 4.5%, while several proposals from Agora, Frax, and Sky have not yet received substantial backing. However, many influential validators have yet to cast their votes.
What’s at stake? Over half the stake, 57%, remains unassigned. This includes key validators such as Nansen x HypurrCollective and Galaxy Digital, which will ultimately determine if Native Markets’ momentum continues into the voting deadline on September 14.
The stakes are high — replacing USDC with USDH has implications beyond just a new token launch. Hyperliquid’s $5.5 billion in USDC is significant, impacting annual Treasury yields in the hundreds of millions.
Market Overview:
- BTC: Trading at $114,053, up 2.6% in the past 24 hours and 2.1% for the week.
- ETH: Currently at $4,373.99, also showing a 2% increase despite recent validator penalties.
- Gold: Steady around $3,635 per ounce, as the market anticipates U.S. inflation data that may influence future Fed activities.
- Asia-Pacific Markets: Mixed results with the Nikkei 225 gaining 0.23%.
