Native Markets wins USDH stablecoin bid on Hyperliquid

Native Markets, a team within the Hyperliquid ecosystem, secured the ticker USDH and plans to launch the stablecoin in test phase within days. Native Markets prevailed against well-known bidders such as Paxos, BitGo, Ethena, Frax, and TradFi giant VanEck.

Native Markets won with a two-thirds majority of votes from HYPE stakers. The USDH stablecoin will be issued natively on Hyperliquid’s HyperEVM. Reserves will be fully backed by a mix of off-chain assets managed by BlackRock and on-chain assets managed by Superstate through Stripe-owned Bridge. Reserve yield will be split between HYPE buybacks and programs to expand USDH distribution.

• Rollout will start in stages: small-scale minting and redemption tests, followed by a USDH/USDC pair with caps, later lifted.
• This marked Hyperliquid’s first major on-chain governance vote.
• USDH is set to become a direct challenger to Circle’s USDC, which currently holds nearly $6 billion in reserves on Hyperliquid (source: DefiLlama).
• Native Markets is backed by seasoned founders, including MC Lader, former President and COO of Uniswap Labs.