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2h ago

Hyperliquid’s USDH Stablecoin Debuts, Logs About $2.2 Million in Early Trading

The launch channels reserve yield into HYPE buybacks, with additional proceeds earmarked for ecosystem growth to reduce USDC reliance.

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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 with a USDH/USDC spot pair that held near its $1 target at roughly 1.001 during initial sessions.
  • Native Markets reported more than $15 million pre-minted ahead of launch as the rollout began under capped transactions during staged testing.
  • The issuer was chosen through a validator process over bids from Paxos, Ethena and Frax, securing the USDH ticker after a closely watched contest.
  • Reserves are described as cash and short-term U.S. Treasuries with infrastructure spanning off-chain custody and on-chain sleeves via providers such as Bridge and Superstate.
  • Half of reserve income is committed to Hyperliquid’s Assistance Fund for HYPE buybacks, with the remainder directed to ecosystem initiatives, as rivals like Aster recently topped Hyperliquid in daily revenue.