Hyperliquid Launches USDH Stablecoin with $8.8M Trading Volume in Debut

Hyperliquid's native stablecoin USDH went live with $2 million in early trading volume on its USDH/USDC pair, marking a strategic shift toward reducing reliance on external stablecoins. The asset, backed by cash and US Treasury securities, is managed through Stripe's Bridge tokenization platform.

Native Markets secured issuance rights after a competitive validator vote, despite controversy over the bidding process. The startup, led by industry veterans including former Uniswap Labs president Mary-Catherine Lader, now oversees what could become billions in stablecoin flows across Hyperliquid's ecosystem.

Within 18 hours of launch, USDH supply surged to $24 million, demonstrating strong initial demand. The stablecoin operates on HyperEVM, Hyperliquid's Ethereum-compatible layer, providing traders with a new dollar-pegged collateral option.