Hyperliquid, a decentralized derivatives platform, has officially launched its native stablecoin USDH following a closely contested validator vote on September 14.
The new asset, paired initially with USDC, saw nearly $2 million in early trading volume on launch day. USDH is backed by cash and U.S. Treasury equivalents, with reserves managed via Stripe’s tokenization platform Bridge.
Native Markets, the entity chosen to oversee USDH, is led by investor Max Fiege, former Uniswap Labs president Mary-Catherine Lader, and blockchain researcher Anish Agnihotri. USDH operates on HyperEVM, the exchange’s Ethereum-compatible execution layer, enabling it to circulate throughout the network and serve as both collateral and a stable unit of account.
By creating a native dollar-pegged token, Hyperliquid aims to reduce reliance on external stablecoins like USDC and to keep yields within its ecosystem.
The launch marks another step in Hyperliquid’s rapid growth: the exchange processed around $330 billion in July 2025 despite having a team of only 11.
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