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54m ago

Hyperliquid Launches USDH Stablecoin With $15M Pre‑Mints and Strong Debut Trading

The design channels reserve yield toward HYPE buybacks plus broader ecosystem funding.

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Hyperliquid’s usdh debut: concentrated supply, modest market share, big buzz
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Overview

  • USDH went live on HyperCore/HyperEVM with a USDH/USDC spot market that recorded over $2 million in early trading volume, according to order‑book data reported by CoinDesk.
  • Native Markets, chosen by Hyperliquid validators to issue USDH, said more than $15 million was pre‑minted within 24 hours of launch.
  • The issuer says the dollar‑pegged token is backed by cash and short‑term U.S. Treasuries and is intended to lessen dependence on external stablecoins such as USDC.
  • Protocol materials outline a 50/50 allocation of reserve income to HYPE buybacks and ecosystem initiatives, with an Assistance Fund accruing from stablecoin earnings.
  • Coverage citing DeFiLlama reports Aster DEX leading daily revenue, while Decrypt notes Hyperliquid still outpaces Aster on weekly trading volume and revenue.