Native Markets has been chosen to issue USDH, Hyperliquid’s first native stablecoin, after winning a validator-led governance vote. The decision capped a nine-day contest launched on September 5, drawing heavyweight competitors like Paxos and Frax. Despite their regulatory credentials, the young startup, led by co-founder Max Fiege and DeFi veterans, secured over 70% of the delegated stake.
USDH will be issued directly on HyperEVM, with reserves split between on-chain partners such as Superstate and traditional custodians like BlackRock. The reserve structure ensures half of the yield funds HYPE token buybacks, while the other half supports Hyperliquid’s ecosystem development. Analysts project the setup could generate hundreds of millions annually.
The victory marks a big win for the newly formed company and for Hyperliquid’s strategy to reduce reliance on USDC and USDT. Market watchers believe USDH could channel billions in liquidity to the exchange, positioning Hyperliquid as a serious competitor in DeFi’s stablecoin landscape.
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