USDH Stablecoin

Hyperliquid did something unusual with its native stablecoin: it auctioned the USDH ticker through an on-chain validator vote in September 2025, and a little-known team called Native Markets beat out Paxos, Ethena, Frax and Sky to win the mandate. The result is a dollar issued natively on Hyperliquid's chain, fully backed by cash and US Treasury equivalents, with reserves split between off-chain managers and on-chain Treasury tokens. Redemption is designed to stay open at par to holders who clear the issuer's checks, keeping the token close to a dollar. Because it was purpose-built for one venue, USDH is meant to become the base trading and collateral asset inside Hyperliquid's fast perpetuals exchange rather than a general coin spread across many chains. Its credibility now rests on Native Markets executing reserves and redemptions cleanly after winning a very public contest.