Hyperliquid Launches USDH Stablecoin After Native Markets Wins Competitive Bid

Hyperliquid has launched its USDH stablecoin following a competitive bidding process won by Native Markets. The firm outpaced major players like Paxos, Ethena, and FRAX Finance to secure the ticker, with $15 million pre-minted ahead of the launch. Early trading volume exceeded $2 million, and the USDH/USDC pair held its peg at 1.001.

The battle for USDH began on September 5, 2025, when Hyperliquid announced plans for a community-governed stablecoin. The exchange, holding $6 billion in USDC deposits, attracted proposals from crypto heavyweights. Paxos offered PayPal integration, Frax Finance proposed frxUSD backing, and Sky promised high yields. Native Markets won despite lower revenue sharing, leveraging a team with deep industry ties.

Controversy surrounded the selection process, with Dragonfly’s Haseeb reportedly raising concerns. The outcome underscores the fierce competition for dominance in the stablecoin space.