Native Markets Wins Bid to Develop Hyperliquid’s USDH Stablecoin

Hyperliquid's community has decisively selected Native Markets as the issuer of its native stablecoin USDH, with the team securing over 70% of the governance vote. The stablecoin will be fully collateralized by cash and U.S. Treasuries, adhering to regulatory compliance standards.

Co-founder Max Fiege confirmed the victory against competitors including Paxos Labs and Ethena. Native Markets—a purpose-built entity formed by Fiege, blockchain researcher Anish Agnihotri, and former Uniswap Labs president Mary-Catherine Lader—will deploy USDH under the HIP-1 proposal.

The stablecoin initiative, first proposed in early September 2025, aims to streamline value transfer within Hyperliquid's ecosystem. Voting participation highlighted strong engagement from HYPE stakers and network validators.