Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

The first signs of how validators are leaning in Hyperliquid’s hotly contested stablecoin vote are in, and the Stripe-aligned Native Markets team has an early lead.

As of Thursday morning Hong Kong time, Native Markets has secured 30.8% of the delegated stake, led by heavyweight validators infinitefield.xyz (13.5%) and Alphaticks (5.2%).

Paxos Labs, the New York–regulated issuer behind PayPal’s PYUSD, sits at 7.6% with backing from B-Harvest and HyBridge. Ethena has picked up 4.5%, while Agora, Frax, and Sky, despite s

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