USDH Stablecoin Launch by Hyperliquid on HyperEVM Network
- USDH stablecoin launched on Hyperliquid’s HyperEVM network.
- Native Markets chosen as issuer via governance vote.
- Launch aims to reduce dependence on USDC and USDT.
USDH was launched on September 23, 2025, as the first native stablecoin on Hyperliquid, selected via validator vote, with Native Markets as the issuer.
The launch signifies a shift in DeFi dynamics, challenging existing stablecoins and influencing governance token economics.
USDH stablecoin was launched by Hyperliquid on its HyperEVM network, offering a native dollar-pegged asset. This marks a strategic shift in treasury management for the platform.
Native Markets was selected as the issuer of USDH through a validator-driven governance vote. This decision shifts focus to USDC and USDT dependency reduction.
“USDH is fully backed by cash and short-term U.S. Treasury bonds. Reserve data is transparently audited by oracles and management yield will help buy back HYPE tokens.” – Hyperliquid Official Announcement
The launch saw significant trading activity, with USDH/USDC pairs recording between $2.2–2.3 million in initial volume. This event significantly impacts market liquidity dynamics (Stocktwits Report).
The introduction of USDH intends to absorb $220 million annually in Treasury yields, redirecting them internally within the DeFi ecosystem (ForkLog Analysis).
Market response includes a slight drop in HYPE token prices despite positive initial trading volumes. The implications extend to competitive liquidity strategies (TradingView News).
The launch of USDH creates shifts towards decentralization in stablecoin management. It symbolizes strategic financial adjustments drawing from historical precedents in the stablecoin market.
