Native Markets Wins Validator Vote to Launch USDH Stablecoin on Hyperliquid

Native Markets secured a decisive victory in the Hyperliquid stablecoin governance vote, capturing 71% of validator support to deploy USDH. The on-chain voting process, conducted from September 11-14, settled a heated debate about the future of Hyperliquid's native stablecoin infrastructure.

The winning proposal emphasizes tight integration with Hyperliquid's HyperEVM and HyperCore systems, with reserves backed by a mix of cash and U.S. Treasuries. Paxos and Ethena trailed with 20.88% and 3.26% respectively, while major players like Circle and Tether abstained from voting but reaffirmed ecosystem support.

Initial deployments will include both native Hyperliquid and ERC-20 versions, with transaction caps during early testing phases. The outcome marks a pivotal moment for Hyperliquid's DeFi ecosystem, potentially reshaping stablecoin dynamics in perpetual futures markets.