Native Markets Secures USDH Ticker in Hyperliquid’s First Native Stablecoin Launch

Native Markets emerged victorious in a competitive governance vote to secure the USDH ticker, marking the debut of Hyperliquid's first natively issued stablecoin. The dual-reserve-backed USDH will undergo phased testing before full deployment, starting with capped minting at $800 per transaction.

The rollout strategy includes initial trials to validate on-chain stability, followed by a USDH/USDC spot pair launch. This governance decision highlights Hyperliquid's validator community exercising influence beyond routine exchange listings.

Native Markets' proposal included a HYPE token buyback mechanism and reserve split structure, distinguishing it from competing bids by established stablecoin providers. The project now enters a critical proving ground as it prepares for full-scale minting operations.