USDH Stablecoin Explodes on Hyperliquid: Trading Volume Surpasses $2M Milestone
Hyperliquid just lit the fuse on USDH's mainnet debut—and the market responded with a $2 million opening salvo.
Stablecoin Warfare Intensifies
USDH's Hyperliquid integration isn't just another listing—it's a direct challenge to legacy stablecoin dominance. The platform's perpetual swaps ecosystem now has a native stable asset that actually understands DeFi mechanics, unlike those regulatory-coddled alternatives that still think wire transfers are cutting-edge.
Volume Tells the Real Story
That $2 million trading figure isn't vanity metrics—it's protocol-level validation. Traders are voting with their wallets, choosing capital efficiency over the false security of traditional finance's molasses-slow settlement systems. The number proves what we've known all along: when you remove intermediaries, markets move at the speed of code.
The New Stablecoin Standard
This launch demonstrates that algorithmic stability mechanisms can compete with—and potentially outperform—the collateralized relics from banking's dinosaur age. While traditional finance debates reserve audits, DeFi builders are creating money that actually works for internet-native economies.
Let's see how long it takes Wall Street to realize the stablecoin race just left the station—and they're still tying their shoelaces.
USDH stablecoin is officially live on Hyperliquid, with strong interest from traders and the community.
It has quickly generated over $2 million in early trading volume and is currently trading at $0.99960. With an already impressive volume, this launch represents just the first step in a broader plan to expand USDH across the Hyperliquid ecosystem.
How will this new stablecoin reshape the Hyperliquid network? Everyone’s watching.
USDH Goes Live on HyperEVM
The USDH/USDC spot market is now available on HyperCore, with more than $15 million USDH pre-minted over the past 24 hours. Minted directly on the HyperEVM and aligned with the Assistance Fund, USDH is built to be a first-class stablecoin for the Hyperliquid network.
Native Market’s founder Max Fiege took to X to share that “the next stage of Hyperliquid’s ascendance will be driven by native stablecoins”, and added that USDH will lead the way and support the ecosystem every single day.
USDH is now live for all Hyperliquid users!
The USDH / USDC spot order book is open on HyperCore, with over $15M USDH pre-minted in the last 24 hours.
According to the proposal, USDH will be issued directly on HyperEVM. The stablecoin will be fully backed by cash and U.S. Treasuries, with off-chain reserves managed by BlackRock and on-chain reserves handled by Superstate via Stripe’s Bridge.
USDH’s reserve earnings are split evenly, with 50% for HYPE buybacks and 50% for ecosystem growth.
Supporting the Assistance Fund
Native Markets shared that, consistent with the proposed aligned stablecoin framework, its contribution to the Assistance Fund will begin accruing from today. The team noted that $0.50 from every dollar earned by USDH reserves will support the fund, while the rest will be used to grow USDH.
Phased Rollout and Upcoming Features
Users can expect a phased rollout of USDH in the coming months.
Users can expect a phased rollout of USDH over the coming months.
USDH HIP-1 and ERC-20 deployedUSDH / USDC spot order book on HyperCore
HyperEVM integrations underway
USDH as a spot quote assetNative minting on HyperCore
USDH-margined perp order books via HIP-3
HyperEVM integrations are already in progress, and the stablecoin will soon be a quote asset on the spot market. Native minting on HyperCore will also be available soon, followed by USDH-margined perpetual order books via HIP-3.
Earlier this month, Native Markets secured the winning bid to issue Hyperliquid’s native stablecoin, beating strong competition from Paxos, Frax, Agora, and others.
The team also thanked the community for its support and said that this launch is only the beginning of USDH’s journey.
