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4w ago

Hyperliquid Opens Validator Vote on USDH Stablecoin, Overhauls Spot Fees

The on-chain process could shift settlement flows away from USDC, boosting revenue capture for HYPE holders.

Hyperliquid to cut fees and put USDH ticker up for validator vote
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Overview

  • Validators have begun a five-day on-chain vote to allocate the reserved USDH ticker, with teams submitting proposals that include deployer addresses and the winner slated to enter a gas auction before deployment.
  • As part of the next network upgrade, taker fees, maker rebates, and user volume contribution for spot pairs between two quote assets will be cut by 80% to deepen liquidity.
  • The foundation frames USDH as a Hyperliquid-first compliant dollar token intended for native settlement across the ecosystem, with spot quote assets to be tested as permissionless before staking and slashing rules are published.
  • Platform scale suggests immediate utility for a native stablecoin, with roughly $398 billion in monthly perps volume and USDC comprising 95% of the network’s $5.6 billion stable supply, while one analyst estimates a full shift could redirect about $220 million annually to HYPE holders.
  • The process has drawn pushback over neutrality, including Hyperstable’s claim that USDH was previously blacklisted and Discord allegations of a proposer’s wallet funding just hours before the announcement, with disputes unresolved.