Native Markets Secures USDH Ticker for Hyperliquid’s Native Stablecoin Launch

Breaking: DeFi's infrastructure wars heat up as Native Markets locks down the coveted USDH ticker.

Hyperliquid's native stablecoin enters the arena—built for speed, native to its L1, and poised to challenge the establishment.

Why it matters: Ticker ownership isn’t just branding—it’s sovereignty. In a space cluttered with copycats and collateralized clones, a native stablecoin built directly on Hyperliquid’s infrastructure could mean lower fees, faster settlements, and fewer intermediaries.

No more routing through third-party bridges or wrapped assets. This is on-chain finance, stripped back—lean, mean, and programmable.

But let’s be real—another stablecoin? Sure, because the world definitely needed one more dollar-pegged token in a ecosystem already overflowing with them. Just what every degenerate trader dreamed of: extra complexity and brand new de-peg risks.

Still, if Hyperliquid pulls this off, it could set a new standard for integrated stable assets—native, efficient, and actually useful beyond speculative farming.

Game on.

What next?

According to Feige, his team is committed to deploying both the HIP-1 version of USDH and an ERC-20 token.

He said the rollout WOULD begin with a capped testing phase, allowing traders to mint and redeem tokens in transactions of up to $800.

Once initial trials are complete, the team plans to open the USDH/USDC spot order book and enable unlimited mints and redemptions.

To accommodate institutional-scale activity, Native Markets also intends to make its API available for large-volume traders during testing. According to Fiege, this approach ensures robust liquidity and smooth integration into Hyperliquid’s trading environment.