Hyperliquid’s home-grown stablecoin USDH goes live after Native Markets winning bid

Quick Take

• USDH has gone live on Hyperliquid with a USDH/USDC spot market and approximately $2.2 million in early volume.
• Native Markets previously won the validator vote and has begun a phased rollout of the fiat-backed stablecoin issued on HyperEVM.

Native Markets’ USDH stablecoin has gone live on Hyperliquid, with trading now open in a USDH/USDC pair, according to an order book seen by The Block. Early volumes suggest a cautious yet active start, with roughly $2.2 million changing hands as the market gets underway.

USDH is the first dollar-pegged token issued under Hyperliquid’s validator-run selection process. It’s a stablecoin issued natively on HyperEVM and bridged across the Hyperliquid stack. Native Markets won the bid earlier this month, beating proposals from firms including Paxos, Frax, Agora, and others. The plan called for a phased rollout and an initial USDH/USDC spot market “within days” of the vote.

The issuer has stated that reserves are fully backed by cash and short-dated U.S. Treasuries, with an initial mix that includes offchain management and an onchain sleeve, along with transparency via oracle feeds. Proposal materials also outlined an economic loop that directs a portion of reserve earnings toward HYPE buybacks.

The launch caps a closely watched campaign. Polymarket bettors heavily favored Native Markets during the vote, while Paxos pitched PayPal and Venmo rails to sway validators. Hyperliquid’s community ultimately opted for a home-grown team and a rollout designed to scale supply in response to exchange demand.

Hyperliquid is pushing deeper into its own settlement layer and dollar rails just as stablecoin competition intensifies across exchanges and Layer 2s. A native USDH market gives the venue tighter control over liquidity and fees, while offering traders another dollar pair alongside USDC.

USDH’s debut also coincides with the growing adoption of stablecoins and their total supply. The Block’s data dashboard shows stablecoins approaching $280 billion in circulation across blockchains, an all-time high for the sector.