USDH Stablecoin Goes Live on Hyperliquid, Trading Volume Crosses $2M

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USDH stablecoin is officially live on Hyperliquid, with strong interest from traders and the community.

It has quickly generated over $2 million in early trading volume and is currently trading at $0.99960. With an already impressive volume, this launch represents just the first step in a broader plan to expand USDH across the Hyperliquid ecosystem.

How will this new stablecoin reshape the Hyperliquid network? Everyone’s watching.

USDH Goes Live on HyperEVM

The USDH/USDC spot market is now available on HyperCore, with more than $15 million USDH pre-minted over the past 24 hours. Minted directly on the HyperEVM and aligned with the Assistance Fund, USDH is built to be a first-class stablecoin for the Hyperliquid network.

Native Market’s founder Max Fiege took to X to share that “the next stage of Hyperliquid’s ascendance will be driven by native stablecoins”, and added that USDH will lead the way and support the ecosystem every single day.

According to the proposal, USDH will be issued directly on HyperEVM. The stablecoin will be fully backed by cash and U.S. Treasuries, with off-chain reserves managed by BlackRock and on-chain reserves handled by Superstate via Stripe’s Bridge. 

USDH’s reserve earnings are split evenly, with 50% for HYPE buybacks and 50% for ecosystem growth.

Supporting the Assistance Fund

Native Markets shared that, consistent with the proposed aligned stablecoin framework, its contribution to the Assistance Fund will begin accruing from today. The team noted that $0.50 from every dollar earned by USDH reserves will support the fund, while the rest will be used to grow USDH.

Phased Rollout and Upcoming Features

Users can expect a phased rollout of USDH in the coming months. 

HyperEVM integrations are already in progress, and the stablecoin will soon be a quote asset on the spot market. Native minting on HyperCore will also be available soon, followed by USDH-margined perpetual order books via HIP-3.

Earlier this month, Native Markets secured the winning bid to issue Hyperliquid’s native stablecoin, beating strong competition from Paxos, Frax, Agora, and others.

The team also thanked the community for its support and said that this launch is only the beginning of USDH’s journey.