Hyperliquid Launches Dollar-Pegged Stablecoin USDH
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BTCCSquare news:
Hyperliquid has introduced its first native stablecoin, USDH, which saw nearly $2 million in trading volume shortly after launch. The stablecoin is backed by cash and US Treasuries, with reserve management facilitated through Stripe’s Bridge.
Native Markets, a crypto startup backed by investor Max Fiege and former Uniswap Labs executive Mary-Catherine Lader, secured governance rights for USDH in a validator vote. The decision came despite competition from established players like Paxos and Frax.
USDH operates natively on Hyperliquid’s HyperEVM blockchain, enabling the platform to capture yield from stablecoin trading. The launch includes a USDH/USDC spot market, reinforcing Hyperliquid’s control over liquidity and fee structures.
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