Hyperliquid's native stablecoin USDH has been officially launched

According to ChainCatcher, citing The Block, the USDH stablecoin issued by Native Markets has been launched on the Hyperliquid platform, and the USDH/USDC trading pair is now open for trading. Initial trading volume indicates a cautious yet active market start, with transaction volume reaching approximately $2.2 million as the market kicks off.

USDH is the first US dollar-pegged token issued through a validator node selection process on Hyperliquid. It is a stablecoin natively issued on HyperEVM and can circulate cross-chain throughout the entire Hyperliquid ecosystem.

Earlier this month, Native Markets won the bid, defeating proposals from several companies including Paxos, Frax, and Agora. The plan requires a phased rollout, with the first USDH/USDC spot market going live “within days” after the vote passed.

The issuer stated that its reserves are fully backed by cash and short-term US Treasury bonds, with the initial portfolio managed both off-chain and partially on-chain, and transparency ensured through data provided by oracles. The proposal materials also outlined an economic cycle mechanism, using part of the reserve earnings for HYPE token buybacks.