Today in crypto, Paxos has proposed a fully compliant USDH stablecoin for the Hyperliquid ecosystem , Michael Saylor’s net worth has increased by $1 billion since the start of this year. Meanwhile, Bitcoin difficulty climbs to new all-time high.
Paxos proposes Hyperliquid-first stablecoin, allocates yield to HYPE buybacks
Stablecoin infrastructure firm Paxos has submitted a proposal to launch USDH, a Hyperliquid-first stablecoin that would be fully compliant with the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) and Markets in Crypto-Assets (MiCA) regulatory standards.
According to the announcement, published on Saturday, 95% of interest earned from USDH reserves would be used to buy back Hyperliquid’s native token HYPE, redistributing it to users, validators and partner protocols.
“We propose the launch of USDH, a Hyperliquid-first, fully compliant stablecoin purpose built to drive adoption, align incentives, and anchor the ecosystem’s next era of growth,” Paxos wrote.
Paxos Labs, a newly formed entity within Paxos, will lead the initiative. It has acquired infrastructure firm Molecular Labs, the developer behind Hyperliquid primitives LHYPE and WHLP, enhancing its understanding of Hyperliquid’s onchain financial architecture.
Michael Saylor’s fortune jumps $1B amid billionaire index inclusion
Strategy co-founder and executive chairman Michael Saylor has seen his net worth soar by $1 billion since the start of the year, coinciding with his debut on the Bloomberg Billionaire 500 Index.
Saylor ranks 491st on the Bloomberg Billionaire Index with an estimated net worth of $7.37 billion, up 15.80% since Jan. 1. Over the same period, shares of his company Strategy (MSTR) have gained nearly 12%, as per Google Finance.
According to the Index, which tracks the world’s richest 500 people based on their net worth, approximately $650 million of Saylor’s fortune is in cash, while the remaining $6.72 billion is tied up in Strategy equity.
Saylor joins other crypto billionaires on Bloomberg’s list, including Coinbase CEO Brian Armstrong, who is ranked 234th with a net worth of $12.8 billion, and Binance founder Changpeng “CZ” Zhao, holding the 40th spot with $44.5 billion.
Bitcoin mining difficulty hits a new all-time high
The Bitcoin (BTC) mining difficulty climbed to a new all-time high of 134.7 trillion on Friday, up from the 129.6 trillion difficulty level during the previous adjustment period.
Despite the new all-time high difficulty, Bitcoin’s hashrate, the total amount of computing power securing the network, has fallen to 967 billion hashes per second, down from the August 4 all-time high of over 1 trillion hashes per second, according to CryptoQuant.
Bitcoin’s mining difficulty, a metric that tracks how hard it is to successfully mine a block and add it to the BTC ledger, continues to climb upward, as more computing resources are deployed to secure the network.
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