Hyperliquid Launches USDH Stablecoin Post Tense Governance Vote
- USDH launches under Native Markets after governance approval.
- Trading reaches $2.2 million rapidly.
- Novel incentive model supports ecosystem growth.
Hyperliquid’s USDH stablecoin launched in late September 2025, following an intense governance bidding process won by Native Markets, on the ETH-compatible HyperEVM Layer 1 network.
USDH’s launch introduces fresh trading dynamics, showing strong initial volume, and offers a new economic model impacting HYPE token value amid limited key influencer commentary.
Hyperliquid’s USDH stablecoin was launched in September 2025 after a governance vote in their ecosystem.
The USDH launch signifies key shifts in the stablecoin market, with rapid trading and a new incentive model.
Native Markets Wins Right to Issue USDH
The USDH stablecoin was launched by Hyperliquid after Native Markets won issuance rights in a governance vote. It was a fierce competition against contenders like Paxos and Agora.
The USDH, native to HyperEVM, integrates into Hyperliquid’s trading stack and utilizes the HyperCore order book to enhance performance.
“We are proud to have been selected as the home-grown issuer for USDH, leveraging our unique integration with Hyperliquid’s trading stack” – Anonymous Source, Native Markets Executive, Native Markets
USDH Surpasses $2.2 Million Initial Trading Volume
The USDH saw an initial trading volume of over $2.2 million, maintaining stability against USDC. Its innovative yield model aims to direct growth toward the ecosystem.
While the HYPE token fell 4%, the community engagement remains high, with discussions centered on the initiative’s long-term benefits.
USDH’s Governance Issuance Sparks Market Comparisons
Unlike previous stablecoin launches, USDH’s governance-based issuance and public bidding process show similarities to models used by MakerDAO, offering fresh market dynamics.
Analyses suggest USDH’s introduction could influence future governance and economic models in the stablecoin space, with ongoing ecosystem impact highly dependent on market adoption.
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