Kraken, a leading cryptocurrency exchange, has announced plans to list the USDH stablecoin and HYPE token from Hyperliquid. This move marks a significant step toward integrating Hyperliquid's assets into mainstream crypto trading.
Kraken Lists USDH and HYPE
Kraken has confirmed plans to list the new stablecoin USDH and governance token HYPE from Hyperliquid. USDH aims to address liquidity challenges in decentralized finance and proposes to use 95% of reserve interest to buy back HYPE tokens. According to estimates, this strategy could generate approximately $191 million annually.
Role of HYPE Token in DeFi
HYPE, as Hyperliquid's governance token, is responsible for voting on proposals and managing the rollout of USDH. The token has seen a slight price increase, trading around $55, and serves as an important tool for involving users and stakeholders in decision-making processes.
Hyperliquid's Growing Presence in DeFi
Hyperliquid is rapidly asserting itself in decentralized finance, holding a 70% share of the perpetual futures market. The platform reported over $383 billion in trading volume last month. The listing of USDH and HYPE by Kraken, along with the introduction of free USD on/off ramps, could help expand Hyperliquid's user base.
Kraken's plans to list USDH and HYPE tokens highlight an important step in the development of decentralized finance and the expected strengthening of Paxos, which aims to become the issuer of USDH.
