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Hyper Foundation to provide about $10 million in grants after USDH wind-down

Hyper Foundation to provide about $10 million in grants after USDH wind-down

The funding targets developers affected by the shift from USDH to USDC, with larger allocations for teams that migrate markets and a July-end deadline for an orderly transition.

USDC
HYPE

Fact Check
Multiple independent sources corroborate every element of the claim. PANews and CryptoBriefing both report ~$10 million in grants tied to the USDH wind-down, covering migration costs for affected deployers and protocols, with an end-of-July deadline. Wu Blockchain independently reports the same figures and deadline. PANews cites the original Hyperliquid Telegram announcement, indicating an official primary source. The claim's specifics—$10 million, migration cost coverage, and the end-of-July migrate-or-close deadline—are all confirmed.
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Summary

Hyperliquid Foundation said it will allocate $10 million in grants to developers affected by the shutdown of native stablecoin USDH and the move to USDC as the primary asset on the network. The support will go to HIP-3 deployers, HIP-1 deployers and other developers that built around USDH, with grants tied to auction deployment costs for HIP-1 and HIP-3 and to affected USDH total value locked for HyperEVM projects. Teams migrating affected markets to USDC will receive larger allocations than those winding down USDH markets, and recipients must commit to an orderly migration or wind-down by the end of July. The announcement follows the unstaking of 250,001 HYPE from the grants wallet. USDH is being retired after Native Markets granted Coinbase the right to purchase USDH brand assets in May, while Circle and Coinbase have backed Hyperliquid’s AQAv2 framework to make USDC a protocol-aligned stablecoin usable as an aligned quote asset across perpetual and spot markets.

Terms & Concepts
  • AQAv2: A Hyperliquid framework that enables approved stablecoins such as USDC to be used as aligned quote assets across the platform.
  • HyperEVM: Hyperliquid’s Ethereum-compatible environment for applications and protocols.
  • total value locked: The amount of assets deposited in a protocol or application, often used to gauge activity or exposure.