US EditionAsia Morning Briefing: Native Markets Wins Right to Issue USDH
Native Markets won 70% of validator votes to issue USDH, backed by BlackRock and Superstate reserves, aiming to reduce USDC reliance and strengthen Hyperliquid's DeFi ecosystem.
- Native Markets won the right to issue the USDH stablecoin on Hyperliquid after a closely-watched governance vote concluded on Sunday, September 14, 2025.
- The vote followed a competitive, weeklong process involving major proposals from Paxos, Frax, Sky, Agora, and others, with some contenders like Ethena withdrawing on Thursday.
- Native Markets plans a phased USDH rollout starting with a capped testing phase allowing minting and redeeming up to $800 per transaction before expanding to an uncapped USDH/USDC spot pair.
- Native Markets secured about 70% of validator votes against Paxos’s 20%, and founder Max Fiege said the protocol and ERC-20 token will deploy within days, expressing respect for competing teams.
- The governance outcome underscores Hyperliquid’s fast growth and intensifying stablecoin competition, with liquidity influxes signaling stablecoins’ central role in crypto’s global adoption phase.
22 Articles
22 Articles
Native Markets Wins USDH Ticker, Says Deployment is Days Away
Native Markets has officially won the USDH ticker for Hyperliquid’s native stablecoin after a closely-watched governance vote that concluded on Sunday. Native Markets’ founder Max Fiege said that both the USDH HIP-1 protocol and the related ERC-20 token will be deployed “within days,” with a limited-cap testing phase set to begin soon. “We have deep respect for all of the teams that submitted proposals and are excited to see them execute on thei…
Asia Morning Briefing: Native Markets Wins Right to Issue USDH
Good Morning, Asia. Here's what's making news in the markets:Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.Hyperliquid’s validator community has chosen Native Markets to issue USDH, ending a weeklong contest that drew proposals from Paxos, Frax, Sky (ex-MakerDAO), Agora, and others.Nat…
Native Markets to Issue Hyperliquid’s Stablecoin USDH
The validator community of the Hyperliquid crypto exchange selected Native Markets as the developer and issuer of the USDH stablecoin. The Native Markets team announced its victory in the competition... Сообщение Native Markets Becomes Issuer of Hyperliquid’s Stablecoin USDH появились сначала на CoinsPaid Media.
Native Markets Wins Heated Vote to Launch Hyperliquid’s USDH Stablecoin - Crypto Economy
TL;DR Native Markets secured the USDH ticker for Hyperliquid’s stablecoin after a competitive governance vote involving Paxos and Ethena. The decision came with strong validator backing and heavy support on prediction markets. A phased rollout plan has been announced, featuring reserve strategies involving BlackRock and Superstate, with early minting limits to ensure stability before opening broader market access. The race to control the ticker…
While several competitors competed for the USDH stablecoin issue of Hyperliquid, Native Markets won the bid call. Let's take stock of this large-scale project. The Hyperliquid article (HYPE) chooses the issuer of its USDH stablecoin — Here's what to remember appeared first on Cryptoast.
USDH Stablecoin Native Markets Wins Bid
According to latest reports, Native Markets has been chosen by the Hyperliquid ecosystem to issue USDH stablecoin after a validator-led governance vote. This means Native Markets will control the USDH, which is the ticker for Hyperliquid’s new stablecoin, to reduce reliance on USDC and USDT. The decision was confirmed by co-founder Max Fiege. Native Markets beat out high-profile competitors like Paxos, Frax and Ethena, with over 70% of delegate…
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