-
USDH stablecoin has launched on Hyperliquid with $2.2M in early trading
-
Native Markets won the validator vote to issue USDH
-
Reserves backed by cash and Treasuries, with oracle transparency
USDH Launches on Hyperliquid
Hyperliquid’s long-anticipated native stablecoin USDH has gone live, opening trading in a USDH/USDC pair. Early volumes of around $2.2 million suggest an active, if cautious, start.
Native Markets Wins the Bid
The stablecoin is issued by Native Markets, which recently beat competitors like Paxos and Frax in a validator-run vote. The rollout follows Hyperliquid’s plan for a phased approach, beginning with the spot market before scaling further.
Reserve Backing and Transparency
USDH reserves are backed by cash and short-term U.S. Treasuries, with a mix of offchain and onchain management. Transparency will be maintained through oracle feeds, while a portion of reserve income will go toward HYPE buybacks.
Broader Impact
Launching a home-grown stablecoin allows Hyperliquid to tighten control of liquidity and fees while offering traders a new settlement option. The move comes as total stablecoin supply across blockchains nears $280 billion, highlighting growing demand.
