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Native Markets Leads USDH Stablecoin Issuer Vote on Hyperliquid

Native Markets Leads USDH Stablecoin Issuer Vote on Hyperliquid

Native Markets, backed by Stripe’s Bridge subsidiary, secured the USDH mandate on Hyperliquid after a governance vote, highlighting branding and partnerships as key factors alongside technology in the stablecoin race.

USDC
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Fact Check
Multiple credible sources, including CoinDesk, IndexBox.io, and Galaxy, explicitly state that Native Markets is leading the governance vote for the USDH stablecoin issuer on Hyperliquid. The information is recent and corroborated across several reports, with some mentioning an early lead in the voting process.
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Summary

Hyperliquid concluded its governance vote for the USDH stablecoin on September 15, awarding issuance rights to Native Markets. The bidding process attracted Paxos, Agora, and Ethena, with offers of aggressive revenue-sharing terms, but Native Markets prevailed due to its Stripe connection and regulatory flexibility. USDH reserves will be managed by BlackRock and tokenized via Superstate, with yields split between Hyperliquid’s Assistance Fund and ecosystem development. The launch aims to reduce Hyperliquid’s reliance on USDC, which currently accounts for $5.7 billion in deposits. Native Markets will roll out USDH gradually, starting with capped minting trials, as Hyperliquid prepares to cut spot trading fees by 80% after reporting $106 million in August revenue. The contest underscored growing institutional competition for stablecoin supply and revenues.

Terms & Concepts
  • USDH stablecoin: A dollar-pegged stablecoin issued on Hyperliquid, backed by reserves managed by BlackRock and tokenized via Superstate.
  • Stablecoin: A cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency like the U.S. dollar.
  • On-chain governance: A decentralized decision-making process where validators or token holders vote on protocol or network proposals directly on the blockchain.