Derived from HashNews, Hyperliquid has officially launched the USDH stablecoin on Native Markets, with the USDH/USDC trading pair now open. Initial trading volume reached $2.2 million, indicating cautious yet active market participation. USDH is the first U.S. dollar-pegged token issued through Hyperliquid’s validator node selection process, natively issued on HyperEVM and cross-chain compatible within the Hyperliquid ecosystem. Native Markets won the bid against competitors like Paxos and Frax earlier this month. The stablecoin is fully collateralized by cash and short-term U.S. Treasury bonds, with a portion of reserve earnings allocated for HYPE token buybacks.
Hyperliquid Launches USDH Stablecoin on Native Markets with $2.2M Trading Volume
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