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Native Markets, which has won the mandate to issue USDH on 14 September, announced on September 25 that its stablecoin USDH has officially gone live as the first native stablecoin on decentralized exchange Hyperliquid, with trading now available in the USDH/USDC pair. Initial trading volume has already reached approximately USD 2.2 million, marking a strong debut.
USDH is now live for all Hyperliquid users!
The USDH / USDC spot order book is open on HyperCore, with over $15M USDH pre-minted in the last 24 hours.
— Native Markets (@nativemarkets) September 24, 2025
Expanding Hyperliquid’s Financial Infrastructure
USDH is currently running as an ERC-20 token on Hyperliquid’s HyperEVM network, strengthening the platform’s native financial infrastructure. The stablecoin is backed by a dual-reserve model:
- Off-chain reserves are managed by BlackRock and backed by U.S. cash and short-term Treasuries.
- On-chain reserves are overseen by Superstate, operated via Stripe’s Bridge system.
This hybrid model ensures transparency through real-time reserve monitoring via blockchain oracles.
The introduction of USDH was approved through a governance vote involving major industry players including Paxos, BitGo, and Ethena.
USDH’s Phased Rollout with New Value Model
USDH is being rolled out in stages. In its test phase, trading was capped at USD 800 per transaction for a select group of users to ensure stability before full release.
Unlike traditional staking models, yield from USDH reserves will be allocated to HYPE token buybacks and USDH adoption initiatives, creating a new framework for value redistribution.
With USDH and USDC launch, Hyperliquid strengthens its stablecoin ecosystem, enhances liquidity, and positions itself to attract a wider range of users. The adoption of USDH is seen as a critical step toward integrating traditional finance with decentralized platforms.
