A heated contest for control over a new dollar-pegged token has set the stage for what analysts say could define the next phase of the stablecoin industry. According to Bloomberg, a bidding war unfolded on Hyperliquid, one of crypto’s fastest-growing trading platforms, with the prize being the right to issue USDH, its native stablecoin. The competition drew some of the sector’s most prominent names, including Paxos, Sky, and Ethena, who later withdrew their bid, alongside the lesser-known Native Markets, ...