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Native Markets Debuts USDH Stablecoin on Hyperliquid Platform

Native Markets Debuts USDH Stablecoin on Hyperliquid Platform

HyperLiquid's launch of USDH stablecoin introduces a new USDC trading pair, aiming to reduce reliance on external stablecoins amidst competition from Aster’s BNB-based stablecoin.

BNB
USDC
HYPE

Fact Check
Multiple credible crypto news sources, including The Defiant, The Block, and Cointelegraph, corroborate that Native Markets won the bid to issue the USDH stablecoin on the Hyperliquid platform around September 14, 2025. While the evidence states the launch will begin with a 'small testing phase,' this represents the initial debut of the stablecoin by Native Markets.
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Summary

HyperLiquid launched its USDH stablecoin with nearly $2 million in early trading volume. Pegged to the U.S. dollar and backed by U.S. Treasury securities, USDH aims to reduce reliance on external stablecoins like USDC. It is now listed with a USDC pair on HyperLiquid's decentralized exchange. Native Markets holds issuance rights, and the stablecoin enters a competitive landscape with Aster’s BNB-based stablecoin.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset like the US dollar.
  • HyperEVM: An execution environment on the Hyperliquid platform enabling native asset issuance and cross-chain interoperability.