Hyperliquid has officially launched its self-developed stablecoin, USDH, following a successful bid on Native Markets. The USDH/USDC trading pair is now live, with initial trading volumes reaching approximately $2.2 million. USDH is the first dollar-pegged token issued through Hyperliquid's validator selection process and is natively issued on the HyperEVM, allowing cross-chain circulation within the Hyperliquid ecosystem. Native Markets secured the bid earlier this month, surpassing competitors such as Paxos, Frax, and Agora. The stablecoin's reserves are fully collateralized by cash and short-term U.S. Treasury bills, with a mix of off-chain and on-chain components. Transparency is ensured through data provided by oracles. Additionally, an economic recycling mechanism is in place to allocate reserve proceeds for HYPE token buybacks.
Hyperliquid Launches USDH Stablecoin After Winning Native Markets Bid
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