Hyperliquid has taken a decisive step toward expanding its on-chain ecosystem with the launch of USDH, a native stablecoin designed to serve the decentralized exchange.
The new token is live for trading following its debut this week by Native Markets, the Hyperliquid-based team behind the initiative.
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Native Market Launches USDH, Stakes HYPE
On September 27, Native Markets confirmed that USDH is now available on the exchange’s decentralized spot and derivatives markets.
According to the firm, traders can pair the asset against HYPE — Hyperliquid’s governance token — and USDC, giving users a stable unit of account directly integrated into the platform.
The team also locked 200,000 HYPE for three years to activate the listing, a move intended to anchor liquidity and governance alignment.
Ahead of the launch, Native Markets pre-minted $15 million USDH through HyperEVM, coordinating with the network’s Assistance Fund to support initial liquidity.
According to Native Markets, USDH is backed by cash and short-term US Treasuries. The issuer manages reserves through a mix of off-chain holdings and on-chain transparency tools, including oracle feeds that verify real-time balances.
Additionally, a share of returns from these reserves will fund periodic HYPE buybacks, strengthening the token’s economic foundation.
The release follows a governance contest earlier this month in which Native Markets won community approval to issue Hyperliquid’s first stablecoin. The project outperformed proposals from competitors and major issuers like Paxos and Agora.
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Hyperliquid’s Dominance Under Threat
USDH’s arrival comes at a time when Hyperliquid is under growing competitive and operational pressure.
In recent weeks, rival exchange Aster — backed by YZi Labs, the family office of Binance founder Changpeng Zhao— has surged in trading activity.
Data from DeFiLlama shows Aster generated $147 billion in perpetual volume over the past week, outpacing Hyperliquid’s $81 billion.
Still, Hyperliquid remains the larger platform on a 30-day basis, recording $296 billion in cumulative volume versus Aster’s $162 billion.
However, analysts at Maelstrom warn that this lead could narrow as a significant token unlock approach.
From November, the DEX platform will gradually unlock roughly 237.8 million HYPE tokens worth about $12 billion over 24 months.
This impending unlock could significantly impact the market performance of a digital asset that has shed more than 20% in the past week.
Source: https://beincrypto.com/hyperliquids-usdh-stablecoin-launches/