Native Markets’ USDH Launches as Hyperliquid’s First Native Stablecoin

Hyperliquid has welcomed its first native stablecoin, USDH, issued by Native Markets. The stablecoin went live on September 25, with trading now available on the decentralized exchange. Initial trading volume has surged, reflecting strong market interest.

The USDH/USDC spot order book is active on HyperCore, with over $15 million USDH pre-minted in the last 24 hours. The stablecoin operates as an ERC-20 token, bolstering Hyperliquid’s financial infrastructure.

USDH’s reserves follow a hybrid model: off-chain reserves are managed by BlackRock and backed by U.S. cash and short-term Treasuries, while on-chain reserves are overseen by Superstate via Stripe’s Bridge system. Blockchain oracles ensure transparency.

The rollout is phased, beginning with a capped test phase for select users. Unlike traditional staking, yield from reserves will be allocated under a new value redistribution framework.