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3d ago

Native Markets Chosen to Issue USDH on Hyperliquid, Rapid Rollout Set

A rapid test launch within days is intended to start redirecting reserve income toward HYPE buybacks plus ecosystem growth.

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Asia morning briefing: native markets wins right to issue usdh after validator vote
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USDH arrives - Can Hyperliquid’s new stablecoin shake USDC’s $6B grip?

Overview

  • Hyperliquid validators awarded the USDH ticker to Native Markets with roughly 70% of votes, outpacing Paxos at about 20% and Ethena near 3.2%.
  • Native Markets says it will deploy HIP-1 and an ERC-20 within days, begin capped mint and redeem tests of up to $800 per transaction, then open a USDH/USDC spot market before lifting caps.
  • The proposal outlines reserves held off-chain via Bridge and BlackRock with on-chain assets managed by Superstate, and a 50/50 split of reserve yield between HYPE buybacks/Assistance Fund and ecosystem growth.
  • The move targets USDC’s entrenched position on Hyperliquid—nearly $6 billion on-platform—with Circle CEO Jeremy Allaire signaling the company will engage more directly with the HYPE ecosystem.
  • The selection followed Ethena’s withdrawal and soaring prediction-market odds for Native Markets, while critics questioned the fast timeline and validator concentration in the process.