Native Markets Secures USDH Stablecoin Governance Bid for Hyperliquid

Native Markets has emerged victorious in a competitive governance vote to secure the USDH ticker for Hyperliquid's native stablecoin. The decision, finalized after weeks of community debate, saw Native Markets outbid rivals including Paxos and Ethena. Validator commitments and prediction markets heavily favored the winning team.

Paxos attempted a late-stage comeback with a revised proposal featuring deep PayPal integration and a $20 million incentive plan, but failed to gain sufficient traction. Ethena withdrew earlier, citing concerns about its non-native infrastructure.

The winning proposal includes a phased rollout of USDH, backed by validator support and a reserve strategy involving institutional players BlackRock and Superstate. The outcome underscores the growing importance of governance mechanisms in decentralized finance ecosystems.