Native Markets Secures USDH Ticker for Hyperliquid’s Stablecoin After Community Vote
Native Markets has emerged victorious in securing the USDH ticker for Hyperliquid’s upcoming stablecoin, following a decisive community vote by HYPE stakers and validators. The competition drew significant interest from major players in the stablecoin and DeFi sectors, underscoring the rising demand for native stablecoin solutions.
The rollout of USDH will commence with a testing phase, allowing limited mints and redeems of up to $800 per transaction for a select group. This phase will be followed by the launch of a USDH/USDC spot order book and uncapped minting and redemption capabilities. Native Markets founder Max Fiege confirmed the imminent deployment of both USDH HIP-1 and its ERC-20 counterpart.
Hyperliquid’s initiative to introduce USDH aims to reduce reliance on dominant stablecoins like USDC and USDT. USDC currently dominates Hyperliquid’s stablecoin deposits, accounting for nearly $6 billion—roughly 7.5% of its total supply. While USDH seeks to challenge this dominance, Hyperliquid will continue supporting other stablecoins that meet liquidity requirements.