Hyperliquid Drops Bombshell: Perpetual Futures Leader Teases Native USDH Stablecoin Launch

Hyperliquid just flipped the DeFi script—the perpetual futures DEX giant is rolling out its own native stablecoin.

USDH enters the arena

The protocol's moving beyond leveraged trading to tackle crypto's holy grail: a decentralized dollar alternative. No more relying on external stablecoins—Hyperliquid's building its own monetary system from the ground up.

Why this changes everything

Native integration means tighter mechanics, reduced counterparty risk, and deeper liquidity pools. Traders get seamless margining while the protocol captures more value within its ecosystem—because who doesn't love a good moat?

Another 'decentralized' stablecoin? Sure—just what we needed alongside all those algorithmic wonders that totally didn't blow up during the last cycle. Because nothing says 'stable' like crypto-native monetary experiments.

Hyperliquid prepares for upgrade with multiple improvements

During its next network update, Hyperliquid announced it WOULD add multiple features. The USDH ticker will be activated after a validator vote, with a transparent on-chain process. The ticker will most probably be used for a new stablecoin, aligned with the needs of Hyperliquid. If released, the stablecoin will be compliant with the common regulations for this type of asset. 

The USDH stablecoin will take another upgrade for validators to allow end-user addresses to purchase USDH. The ticker will become active for trading following a community vote. The process will also determine which team will build the native stablecoin. 

The DEX has now opened a proposal process and will VET the best team through its forum. The team that is selected will have its official token address used for deploying USDH.

One of the big changes following the next upgrade will be lower fees for the spot market. Taker fees will be 80% lower, encouraging higher activity. The pairs with the new lower fees will be the ones between two quote assets, such as USDT, USDC, and eventually USDH.

The spot market will also evolve and become more decentralized. Hyperliquid is working on a permissionless solution, where teams will be able to list new tokens, but after fulfilling staking and slashing criteria. 

Perpetual futures DEX gets boost from SOL and ETH trading

In August, Hyperliquid saw a gradually rising demand for perpetual futures swaps. BTC activity remained constant, while ETH and SOL trades grew. 

Some of the more dramatic liquidations on Hyperliquid came from the ETH and SOL trading pairs. The ETH expansion in August also led to a peak day of trading volumes, reaching above $28B. 

In August, Hyperliquid also achieved its highest share of perpetual futures volumes as compared to Binance’s market. For the past month, the DEX carried $398.14B in perpetual futures volumes, while Binance locked in $2.8T. Hyperliquid is still relatively small but is turning into a key hub for price discovery and liquidity.

Hyperliquid is ranked sixth among all existing perpetual futures exchanges, surpassing even older centralized markets. Activity on Hyperchain has surpassed all other major networks in terms of on-chain settlement and trading volumes, as well as fees. 

Following one of the best months since launch, HYPE also traded near its higher range. HYPE recovered near a three-month peak at $46.17, with over 36% gains for the past three months. The token will still be supported with regular buybacks, reinvesting 99% of trading fees.

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