Native Markets Secures USDH Ticker Following Hyperliquid Governance Vote

Native Markets emerged victorious in securing the USDH stablecoin ticker after a decisive governance vote among Hyperliquid validators. The startup outmaneuvered heavyweights like Paxos and Ethena, with prediction markets favoring its proposal at over 90% odds prior to the vote.

The winning framework allocates reserve yield between Hyperliquid's Assistance Fund and ecosystem growth, leveraging asset management through Bridge, BlackRock, and Superstate. Market observers now question whether USDH can disrupt the entrenched duopoly of USDC and USDT in stablecoin markets.

Ethena's abrupt withdrawal days before the vote, citing concerns about non-native infrastructure compatibility, cemented Native Markets' advantage. The governance process faced criticism for its accelerated timeline, despite broad consensus on the outcome.