USDH Becomes First Permissionless Quote Asset on Hyperliquid

Hyperliquid, a decentralized trading platform, has launched permissionless spot quote assets on its mainnet, marking a significant step toward greater decentralization. The update allows any asset to function as a quote currency, enabling users and projects to create new trading pairs via Dutch auctions.

USDH, a stablecoin deployed by Native Markets, is the first to achieve permissionless quote status. The HYPE/USDH pair is now live, with more pairs expected soon. This innovation lets stablecoin issuers enable their assets as quote currencies if they meet on-chain requirements, expanding trading flexibility without disrupting existing token distributions.

The Dutch auction mechanism operates independently of HIP-1 token auctions, streamlining the creation of multiple trading pairs. Hyperliquid's MOVE underscores DeFi's evolution toward open, user-driven markets—where protocol rules replace centralized gatekeepers.