Native Markets wins hot race to launch Hyperliquid's USDH stablecoin

Native Markets has been awarded the USDH ticker on Hyperliquid following a community-led review and governance process. It announced the launch of the USDH HIP-1 and ERC-20, following its acquisition of the USDH ticker. 

Native Markets has officially been awarded the USDH ticker on Hyperliquid, after a community governance process involving HYPE stakers and network validators, who reviewed competing proposals for the native stablecoin of the Hyperliquid perpetual futures DEX.

Native Markets has secured the USDH ticker

The competition for the USDH ticker on Hyperliquid saw participation from some of the biggest names in the stablecoin and DeFi space, with Paxos, Frax Finance, Sky and Agora all submitting proposals. 

Other contenders, including Ethena, OpenEden, Curve, BitGo, and Bastion, submitted or considered proposals, though some either withdrew or failed to generate the same momentum as Native Market.

While announcing this milestone, Native Markets expressed appreciation to the Hyperliquid community. 

“Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward,” Native Markets stated in its announcement. 

They also noted “deep respect” for the other projects that submitted competing proposals, emphasizing their excitement about seeing different teams execute on their visions for the Hyperliquid ecosystem.

USDH rollout plan 

Native Markets confirmed that the USDH HIP-1 implementation and the corresponding ERC-20 contract will be deployed within days. Once live, the team will begin a testing phase that allows minting and redeeming transactions of up to $800 per transaction with a limited set of users.

This controlled rollout is designed to ensure stability, security, and proper functioning of the system before opening it up to wider adoption. Following successful testing, the next steps include launching the USDH/USDC spot order book and removing the per-transaction cap to enable uncapped mints and redeems.

Native Markets also invited high-volume traders who are interested in participating in the testing process, particularly those who want to try out their API during the capped testing phase.

“In particular, if you trade large volumes on Hyperliquid and would like to test out our API during this phase, please feel free to drop me a ping,” the statement urged.

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