Some of the links on this site may be affiliate links. ICOBench may receive advertising commissions when users visit recommended platforms via our affiliate links, at no additional cost to you. All recommendations are based on a comprehensive review process. 
After days of heated debate and three days of on-chain voting, Native Markets has officially won the mandate to issue USDH, the new stablecoin designed for Hyperliquid. The final results, published on September 14, are irreversible and mark a decisive step in the development of the Hyperliquid ecosystem.
USDH wars are over, and Native Markets took the win with over 70% of validator votes.
I was personally leaning toward Agora, their proposal felt super community aligned but looking at Native’s pitch again, I guess I can see why they were chosen.
▪️Minting USDH natively on… pic.twitter.com/mGnC083hot
— Bec🩵 (@Defibecc) September 15, 2025
Native Markets to Deploy USDH in Days
Following its victory, Native Markets confirmed that it will deploy USDH stablecoin on Hyperliquid within days, alongside an ERC-20 version for Ethereum. Early testing will cap transactions at $800 each, before enabling unlimited issuance and redemption.
According to the team, USDH will be optimized for Hyperliquid’s HyperEVM and tightly integrated with HyperCore, ensuring seamless interoperability.
Why Native Markets Won
The vote took place entirely on-chain between September 11–14, with validators holding the power to decide. Native Markets secured 71.47% of the voting power across 10 validators, defeating Paxos (20.88%) and Ethena (3.26%). Notably, Circle and Tether did not participate in the process but reiterated their support for the Hyperliquid ecosystem.
Unlike competitors, Native Markets was created specifically for the USDH race. Its proposal outlined several advantages, including:
- Backing reserves split between cash and U.S. Treasuries, held both on-chain via Superstate and off-chain via BlackRock.
- Issuer-independent design, guaranteeing neutrality within Hyperliquid.
- Programmable issuance and redemption, with on-ramp and off-ramp mechanisms.
- Compliance with the GENIUS Act and EU regulations.
Crypto Market Impact
Traders anticipate USDH’s rapid launch could fuel Hyperliquid’s HYPE token price toward $58–$60 in the near term. The upcoming USDC/USDH trading pair is also expected to accelerate liquidity and adoption across the network.
With this move, Native Markets positions USDH as a regulatory-compliant, liquidity-rich, and Hyperliquid-native stablecoin, one that could redefine competition in the stablecoin landscape. This is considered a positive news for the whole cryptocurrencies market.
