Hyperliquid Prepares to Launch Proprietary Stablecoin USDH

Decentralized exchange Hyperliquid is advancing plans to introduce its own U.S. dollar-pegged stablecoin, USDH. The move, announced via the Hyperliquid Foundation's Discord server, will involve an on-chain governance vote to allocate the ticker. Teams vying to deploy USDH can submit proposals, with the final selection determined by validator consensus.

The initiative underscores the growing trend of ecosystem-specific stablecoins as regulatory frameworks like the GENIUS Act take shape. Competitors such as MetaMask and Stripe have already embarked on similar paths, partnering with infrastructure providers or developing in-house solutions.

Hyperliquid's trading volumes suggest robust demand potential. The platform processed $398 billion in perpetual derivatives and $20 billion in spot trades last month, with Circle's USDC currently commanding 95% of its $5.6 million liquidity pool.