Native Markets Wins Hyperliquid’s USDH Stablecoin Ticker Race

Native Markets has secured the USDH stablecoin ticker on Hyperliquid, prevailing over competitors Paxos, BitGo, and Ethena with nearly 70% of validator votes. The firm's swift proposal submission and community-driven refinements positioned it as the clear choice in Hyperliquid's first major on-chain governance process.

Max Fiege of Native Markets announced plans to deploy both the USDH HIP-1 and corresponding ERC-20 token within days, beginning with a testing phase capped at $800 per transaction. This will be followed by the launch of a USDH/USDC spot order book and uncapped minting.

The Hyperliquid Foundation maintained neutrality, allowing validators to determine the outcome. The decision marks a significant milestone in decentralized governance and stablecoin adoption within the DeFi ecosystem.