Native Markets has won the on-chain vote for the USDH ticker on Hyperliquid, beating out Paxos, BitGo, Ethena, and Frax, with the support of two-thirds of HYPE stakers. The stablecoin will be backed by cash and US Treasury bonds.
Une victoire qui secoue la scène des stablecoins
The battle to secure the USDH ticker on the decentralized exchange Hyperliquid has just concluded. After a week of intense discussions and on-chain voting, Native Markets, a team created last minute and presented as ‘native’ to the Hyperliquid ecosystem, emerged victorious. Their proposal convinced a supermajority of validators (2/3 of staked HYPE) against giants like Paxos, BitGo, Ethena, or Frax. The result: the creation of a new stablecoin, designed to strengthen the platform’s autonomy.
Un lancement imminent, étape par étape
Native Markets is not wasting any time. The rollout will begin with a limited testing phase for mint and redeem features, with limits in place to prevent any mishaps. This will be followed by the opening of a USDH/USDC spot pair, before gradually removing the limits. According to the team, the first operations are expected to start in the next few days.
This sequence marks a turning point for Hyperliquid: it is the first major on-chain governance decision outside of the usual listings. A strong sign of maturity for the ecosystem, but also the end of a controversial period.
Des réserves gérées par BlackRock et Superstate
The future USDH will be issued on HyperEVM, the native blockchain of Hyperliquid. Its reserves will be fully backed by cash and US Treasury bonds. The peculiarity: they will be managed both off-chain by BlackRock and on-chain by Superstate via Bridge, a solution owned by Stripe. A combination aimed at reassuring investors while maintaining a DeFi dimension.
Regarding yield, the strategy is not yet entirely clear: a portion of the revenues generated by the reserves will be used to buy back HYPE (the token of Hyperliquid), while the rest will boost the distribution of USDH. A virtuous cycle designed to align the growth of the stablecoin with that of the ecosystem.
Une menace pour l’hégémonie de l’USDC ?
Behind this launch, a duel is looming with Circle and its USDC, which is currently essential on Hyperliquid. According to DeFiLlama, nearly $6 billion of USDC is already circulating on the platform. If USDH manages to establish itself, the current balance could be disrupted.
However, USDC and other stablecoins are not sidelined. They will continue to be used as reference assets, provided they meet certain criteria: 200,000 staked HYPE (approximately $10 million), a solid $1 peg, and sufficient market depth against USDC and HYPE.
Un trio de fondateurs calibré pour le défi
Native Markets was founded by three heavyweight profiles: Max Fiege, a longtime investor and advisor in the Hyperliquid ecosystem; Anish Agnihotri, a blockchain researcher and developer; and MC Lader, former president and COO of Uniswap Labs. A blend of institutional experience, trading skills, and crypto regulation know-how. Enough to lend credibility to the project against established players?
With USDH, Hyperliquid is equipping itself with its own stablecoin, designed to strengthen its independence while boosting the value of HYPE. The timing is crucial: as the battle of stablecoins intensifies, the arrival of a new competitor backed by community governance could reshape the existing hierarchy.
