Hyperliquid’s USDH Stablecoin Debuts with $2M+ Trading Volume

Hyperliquid's native stablecoin USDH, developed by Native Markets, launched Wednesday with over $2 million in early trading volume. The USDH/USDC pair traded at 1.001 on Hyperliquid's platform, with total volume exceeding 2.2 million USDC.

The stablecoin emerged victorious from a competitive bidding process involving major players like Paxos and Ethena. Backed by cash and short-term Treasuries, USDH aims to reduce Hyperliquid's reliance on external stablecoins—particularly USDC, which currently dominates 90% of platform deposits.

Revenue from USDH's reserves will be split evenly between HYPE token buybacks and ecosystem development. This strategic move comes as Hyperliquid's market share in on-chain perpetuals trading has declined from 70% in May to 35% currently.