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2h ago

Hyperliquid’s USDH Stablecoin Debuts With Early Trading Above $2 Million

The design channels reserve yield to HYPE buybacks plus ecosystem growth to keep liquidity and income on‑platform.

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

  • Native Markets won a validator vote over firms like Paxos, Ethena and Frax to issue USDH, a decision some community members criticized as favoring the eventual winner.
  • The issuer reported more than $15 million pre‑minted before going live, and the USDH/USDC pair held near a $1 peg around 1.001 during capped testing.
  • Reserves are described as cash and short‑term U.S. Treasuries managed off‑chain by BlackRock and Stripe’s Bridge, with an on‑chain sleeve via Superstate.
  • Half of reserve income is allocated to HYPE buybacks through the Assistance Fund and half to ecosystem development, seeking to recapture yield previously flowing to external stablecoins like USDC.
  • A phased rollout is underway with HyperEVM integrations, plans for USDH as a spot quote asset and a proposal for USDH‑margined perpetuals via HIP‑3, as Aster DEX recently led daily revenue over Hyperliquid.