Crypto bros are fighting over the industry’s version of The Bachelor’s final rose. Over the past week, a handful of companies, including Stripe’s Bridge and a startup connected to Paxos, have submitted proposals to launch a stablecoin on the blockchain Hyperliquid. Every suitor is eyeing the almost $6 billion in stablecoins traded on the blockchain’s biggest exchange.

“Hyperliquid has grown men writing public love letters to their protocol so that they may be picked as a partner,” wrote Mert Mumtaz, CEO of the crypto company Helius, on X . “This is basically The Bachelor , but for stablecoins.”

Here’s why the stablecoin faceoff is happening, who is vying for the final rose, and how it could impact the bottom line of the publicly traded stablecoin giant Circle.

What is Hyperliqui

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