Crypto Power Struggle Flares as Stripe Nabs Big Stablecoin Win

A stablecoin bidding war on one of crypto’s fastest-growing platforms is offering a preview of the industry’s next phase — and who might control it.

The contest played out on Hyperliquid, a fast-growing trading platform. The prize: the right to issue USDH, a new dollar-pegged token native to its network. The bidding involved key names in the world of crypto payments: Paxos, Agora, Ethena and the lesser-known Native Markets, a startup partnered up with Stripe Inc.’s stablecoin arm, Bridge.

The outcome offered a glimpse of the competitive jostling expected among retailers, exchanges and financial players, all vying to launch ...