Native Markets Emerges as Frontrunner for Hyperliquid’s USDH Stablecoin Issuance

Hyperliquid's ambitious stablecoin project, USDH, is nearing a pivotal decision as Native Markets gains overwhelming support to manage the $5.9 billion reserve. Polymarket data shows 92% confidence in the Max Fiege-co-founded startup, which now commands over 30% of delegated stake in the ecosystem.

The decentralized derivatives leader narrowed its selection from eight initial bidders—including heavyweights like Paxos and BitGo—after Ethena withdrew from contention. Hyperliquid's foundation has recalibrated voting mechanics, removing its own staked HYPE tokens to amplify community governance.

USDH represents a strategic play to create a compliant stablecoin native to Hyperliquid's ecosystem. The project emphasizes alignment with platform values while scaling decentralized finance infrastructure. Market observers note the selection process underscores DeFi's maturation, where credibility and early ecosystem contributions outweigh institutional pedigree.