Hyperliquid announces the launch of its USDH stablecoin, subject to an on-chain vote by validators who will choose the team deploying the project. The HYPE token reacted positively with a 3% increase in 24 hours and +209% over six months.
The protocol introduces enhanced governance: proposals, deployment auction, staking, and slashing for validators. USDH aims to become the central currency of the Hyperliquid ecosystem.
Hyperliquid revises its fee structure with an 80% reduction in taker fees on certain pairs, and will make its spot assets permissionless, enhancing the liquidity and utility of the HYPE token.
Hyperliquid announces the arrival of its USDH stablecoin
Hyperliquid takes a strategic step forward: the protocol is set to launch its own stablecoin, named USDH, through a validator vote. The announcement immediately sparked the market: the HYPE token surged nearly 3% in 24 hours, reaching $46.68 this Friday.
This dynamic illustrates a dual movement. On one hand, governance opens up to validators, who will have the final say on the team authorized to deploy USDH. On the other hand, the prospect of a native stablecoin fuels the appeal of HYPE, already up 21.3% in a month and over 209% in six months.
An on-chain vote to decide the launch
The protocol confirmed on its Telegram channel that the USDH ticker, already reserved, will be allocated through a transparent on-chain vote. Each candidate team must submit their proposal on the Discord forum, along with their deployment address. Once approved by a quorum, the selected team will still need to go through the standard deployment auction on the network.
This mechanism reflects a clear intention: to make USDH a “Hyperliquid-first” stablecoin, designed to strengthen the ecosystem while adhering to compliance standards. The announcement comes at a time when the U.S. Treasury is soliciting public feedback on the GENIUS Act, which would more strictly regulate stablecoin issuers.
In practice, validators are likely to favor teams capable of building a stablecoin aligned with the network and supported by the community. The goal: transform USDH into the central settlement currency for all applications and users in the Hyperliquid ecosystem.
A fee overhaul that changes the game
Alongside this announcement, Hyperliquid is thoroughly revising its fee structure. Spot pairs between two quote assets will benefit from an 80% reduction in taker fees, with additional discounts for makers and high volumes. Objective: attract more liquidity and streamline exchanges.
The protocol also plans to introduce a staking and slashing system for validators, signaling increasingly robust governance. Moreover, spot assets are expected to become permissionless, opening the door to accelerated supply expansion.
HYPE, driving governance
The role of HYPE is strengthened by these developments. More than just a speculative token, it becomes the central instrument of governance and network stability. The correlation is clear: the protocol’s record revenue month is accompanied by an annual return of +94.8% for HYPE since January.
If USDH succeeds in its endeavor, Hyperliquid could well lay the groundwork for a new model of stablecoin, anchored in on-chain governance and freed from dependence on centralized issuers, but more importantly, put a real brake on the activity of Circle’s USDC, so far a major leader on the network.
