Aster DEX Revenue Boom Shadows Hyperliquid’s USDH Debut

Markets 2025-09-25 16:05

Aster DEX Revenue Boom Shadows Hyperliquid’s USDH Debut

A new player has entered the stablecoin arena on Hyperliquid’s network. USDH, issued by Native Markets, has quietly gone live on HyperCore and is already drawing attention after more than $15 million was minted within a single day.

Unlike many fresh stablecoin launches, USDH comes tied directly into Hyperliquid’s Assistance Fund. Every dollar held in reserves splits its yield — half supporting the fund, the other fueling expansion of the token itself.

Native Markets says the reserves sit in cash and short-term U.S. treasuries, aligning with the GENIUS Act’s standards for backing.

For traders, the first USDH/USDC spot order book is now open, while future plans are more ambitious. Native Markets outlined a roadmap that includes using USDH as a standard quote currency on Hyperliquid, enabling minting through HyperCore, and even collateralizing perpetuals once HIP-3 rolls out.

The launch arrives at a tense moment in DeFi. Aster DEX, a rival endorsed by CZ, has edged past Hyperliquid in daily revenue, pulling in over $10 million in 24 hours compared to Hyperliquid’s $3 million.

Both remain smaller than industry leaders Uniswap and PancakeSwap, which continue to dominate with multibillion-dollar trading volumes.

Still, Aster is signaling bigger ambitions. Its team recently teased plans for an “Aster Chain” — a layer-1 network aimed at balancing privacy with public verifiability, meaning anyone could confirm trades without exposing positions.

The move echoes Hyperliquid’s own effort to anchor liquidity in its proprietary network, setting the stage for a sharper contest between the two platforms.

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This content is for informational purposes only and does not constitute investment advice.

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