Key Highlights:
- The USDH stablecoin by Native Markets made a grand debut on Hyperliquid today.
- The stablecoin recorded an early trading volume of $2.2 million.
- Pre-minting activity saw 15 million USDH minted ahead of the launch.
Hyperliquid users gained access to a new dollar-pegged stablecoin this week as Native Markets officially introduced USDH on September 23. According to information published by the issuer, it makes more than $2.2 million within a few hours of opening.
This was deployed after a governance competition where Native Markets ran against bigger industry players such as Paxos and Ethena Labs. The company was granted permission to deploy USDH on the decentralized infrastructure of Hyperliquid after obtaining the mandate (through validator voting) earlier this month.
USDH’s Debut and Distribution on Hyperliquid
The token was launched in the first active market on a USDH/USDC spot pair on HyperCore, the execution layer of Hyperliquid. Native Markets verified that over 15 million USDH tokens in USDH were pre-created in advance to be controlled and distributed. The initial price action did not deviate much because it was only fluctuating within a tenth of a cent, unlike the intended price, which was $1.
Trading was limited in small increments to make sure that the first phase was stable. Single orders were limited to 800 and settlement and liquidity systems were stressed. The launch was the final phase of the ERC-20 and HyperCore-native USDH.
Native Markets has already defined a phased strategy of integrating the asset. Future releases will be able to support HyperEVM, and it will have increased applications in decentralized applications. Subsequent steps will discuss making USDH a reference asset of spot pricing and margin collateral.
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🚀 Just launched: a real-time dashboard for USDH on @hyperliquidX!! See supply, top holders, volume vs other stablecoins and more@AlliumLabs is teaming up w/ @NativeMarkets to bring you the USDH data from day 1 pic.twitter.com/IZKezOFL4a
— Allium (@AlliumLabs) September 24, 2025
Among the most important plans on the agenda, there is a proposed protocol change, HIP-3, which proposes USDH-denominated perpetual contracts. Simultaneously, it is being developed to allow native minting to HyperCore without token bridges.
Yield Distribution and Reserve Structure
The reserve that supports USDH has a combination of off and on-chain aspects. BlackRock manages the short-term U.S. Treasury bills and cash holdings externally, whereas the tokenized securities based on blockchain are operated with the help of the Bridge system of Superstate and Stripe.
A revenue-sharing plan will be used in which half of reserve revenues are contributed to the Assistance Fund of Hyperliquid. The rest is to be invested in the further development of the USDH ecosystem. This model was among the reasons why Native Markets won the governance proposal in the winning proposal in the beginning of September, so the startup is able to compete with well-established competitors.
Brief Overview of the Stablecoin Market
Hyperliquid has grown to be a major platform for assets pegged to the dollar. The USDC currently occupies over $5.5 billion on the platform in Circle, which is approximately 8% of its overall circulation. The current estimate of the annual yield of USDC reserves is calculated as $220 million, which contributes to the motivation of exchanges to launch proprietary stablecoins.
On a larger scale, Tether still leads with more than $173 billion of issuance. It has its reserves stored mainly in repurchases and Treasury bills of the U.S. Millions of transactions on a daily basis have seen the token transact over $24 billion on the TRON blockchain alone.
The growth of alternative issuers has also been growing. Euro-denominated EURC recorded a growth rate of 89% per month in the last year as it increased its activity from $47 million to $7.5 billion. The PYUSD of PayPal, which was below 1 billion transactions, moved to almost 4 billion transactions within the same year.
Researchers in the industry observe that governance contests like the one Native Markets won are increasingly prevalent over decentralized platforms, and that actors in these entities are competing to win yield streams produced by stablecoin reserves.
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