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14h ago

Hyperliquid Validators Award USDH Ticker to Native Markets

The winner plans a near-term rollout starting with $800-per-transaction tests before opening a USDH/USDC spot market.

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Overview

  • Native Markets won the stake-weighted vote on Sept. 14, beating bidders such as Paxos, Ethena, Frax, and Agora to issue Hyperliquid’s native stablecoin.
  • The team will deploy USDH as both a HIP-1 asset on HyperEVM and an ERC-20 token, beginning with an initial user testing cohort capped at $800 per transaction.
  • Reserves are planned to be fully backed by cash and U.S. Treasuries, with on-chain assets managed by Superstate via Bridge and off-chain custody initially at BlackRock.
  • Native Markets committed to split reserve yield evenly between HYPE buybacks and the Assistance Fund on one side and broader ecosystem growth on the other.
  • Paxos’ bid touting PayPal and Venmo integrations and $20 million in incentives fell short as prediction markets priced a Native Markets win at over 99% and critics questioned validator concentration and process fairness.