USDH stablecoin is Hyperliquid’s new dollar‑pegged token issued by Native Markets and backed by cash and U.S. Treasury equivalents, providing traders with an on‑chain unit of account and collateral across HyperEVM while reducing reliance on external stablecoins.
USDH launched on HyperEVM with a USDC trading pair and nearly $2M in early volume.
Native Markets won issuance rights via a validator vote on Sept. 14 and will manage reserves and operations.
USDH reserves are reported to be held in cash and U.S. Treasury equivalents and managed via Bridge (Stripe).
USDH stablecoin live on Hyperliquid: dollar‑pegged USDH launched with early $2M volume; trade now on HyperEVM. Read details and governance context.
The USDH stablecoin is live, giving the derivatives exchange its first dollar-pegged asset after Native Markets secured issuance rights in a validator vote.
What is USDH stablecoin and why does it matter?
USDH stablecoin is a dollar‑pegged token minted on HyperEVM and issued by Native Markets to serve as Hyperliquid’s native unit of account and collateral. It aims to keep yield and liquidity inside the Hyperliquid ecosystem while reducing reliance on external stablecoins such as USDC.
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Native Markets was selected by validator vote on Sept. 14 to issue USDH. The stablecoin launched with a USDC trading pair and recorded nearly $2 million in early trading volume.
Native Markets’ USDH proposal. Source: Max Fiege
How is USDH backed and who manages the reserves?
According to Native Markets’ proposal, USDH is backed by cash and U.S. Treasury equivalents. Reserve management will rely on Bridge, Stripe’s tokenization platform, to tokenize and custody reserve assets while disclosing the structure to validators and ecosystem stakeholders.
How will USDH be used on Hyperliquid?
USDH will function as a stable unit for trading, margin and collateral across HyperEVM. By being minted natively, it lets Hyperliquid retain yield internal to its network and reduces dependency on external stablecoins for liquidity and settlement.
The bidding process: How did Native Markets win issuance rights?
The USDH issuance rights were awarded after a public governance process that began on Sept. 5. Multiple bidders submitted proposals; Native Markets pledged to mint USDH on HyperEVM and split reserve income between HYPE buybacks and ecosystem funding.
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Contenders included Paxos, Sky, Frax Finance, Agora, Curve, OpenEden, Bitgo and Ethena, although Ethena later withdrew and endorsed Native Markets. Critics on social platforms argued the process favored Native Markets, citing timing and validator preferences.
Since the governance decision, HYPE — Hyperliquid’s native token — has moved modestly, down roughly 7% over the past seven days by CoinGecko data. Competitive pressure has increased from Aster, a BNB Chain‑based decentralized perpetual exchange.
DefiLlama data indicated Aster’s daily perpetual volume approached $30 billion, outpacing Hyperliquid’s reported $10 billion at the time of reporting.
Native Markets’ proposal states USDH is backed by cash and U.S. Treasury equivalents and that reserves will be tokenized and managed via Bridge. Transparency and periodic attestations were specified as part of the issuance framework.
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