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On September 7, stablecoin issuer Paxos released a proposal titled "USDH Issuance Supported by Paxos," competing to become the issuer of HyperLiquid's stablecoin USDH. Paxos stated that if selected as the USDH issuer, it will implement a revenue-sharing plan, distributing 95% of the interest from the reserves supporting USDH to repurchase HYPE, which will then be redistributed to ecosystem programs, partners, and users. Previously, on September 5, Hyperliquid announced it would release the USDH token symbol for stablecoin issuance. The USDH trading pair symbols currently reserved by the Hyperliquid protocol will be released through a transparent on-chain process via validator voting. After the next network upgrade, validators will be able to vote on whether to allow a specific user address to purchase the USDH symbol. The voting process is conducted entirely on-chain and completed through Hyperliquid L1 transactions, in the same manner as delisting votes. Teams interested in applying for the symbol can submit proposals in the new forum, which must include the user address to be used for deploying the USDH symbol if elected and confirmed by a validator quorum. It should be noted that even if a team is approved, they must still participate in the regular spot deployment gas auction.

On September 7, according to strategicethreserve data, the treasury companies and institutions with the largest changes in Ethereum holdings over the past 30 days are as follows: BitmineImmersionTech (BMNR) ranks first, currently holding 1.87 million ETH, worth approximately $8 billion, with holdings increasing by 124.1% in the past 30 days; SharpLinkGaming (SBET) ranks second, currently holding 837,000 ETH, worth about $3.59 billion, with holdings increasing by 60.4% in the past 30 days; TheEtherMachine (ETHM) ranks third, currently holding 495,000 ETH, worth about $2.12 billion, with holdings increasing by 43.4% in the past 30 days; The Ethereum Foundation ranks fourth, holding 229,600 ETH, worth about $984 million, with holdings decreasing by 1.3% in the past 30 days; ETHZilla (ETHZ) ranks eighth, holding 102,200 ETH, worth about $438 million, with holdings increasing by 24.4% in the past 30 days; FGNexus (FGNX) ranks fourteenth, holding 48,400 ETH, worth about $207 million, with holdings increasing by 656.9% in the past 30 days.