Aster DEX Revenue Surges Amid Hyperliquid USDH Launch

Decentralized exchange Aster has recorded a significant surge in daily revenue, overshadowing initial activity around Hyperliquid's newly launched USDH stablecoin. The competitive dynamics between these platforms highlight the rapid evolution of the decentralized trading ecosystem.

Hyperliquid's USDH stablecoin, issued by Native Markets, saw over $15 million minted within its first 24 hours. The stablecoin's integration with Hyperliquid's Assistance Fund creates a unique value proposition—half of reserve yields support the fund while the remainder fuels expansion. Backed by cash and short-term U.S. treasuries, USDH adheres to GENIUS Act standards, offering traders a regulated on-chain option.

The first USDH/USDC spot order book is now live, with plans to establish USDH as Hyperliquid's standard quote currency and perpetual contract collateral. Meanwhile, Aster's revenue surge suggests strong platform adoption, though neither project has yet reached the scale of industry leaders.