US EditionHyperliquid’s Native Stablecoin USDH Hits Over $2M Trading Volume After Debut
USDH, backed by cash and short-term U.S. Treasuries, saw over $15 million minted in 24 hours, aiming to reduce reliance on external stablecoins and boost Hyperliquid liquidity.
- On September 23, Hyperliquid launched USDH after Native Markets won issuance rights, generating over $2 million in trading volume within hours.
- To cut dependency on external stablecoins, Hyperliquid launched a native token to reduce reliance on Circle's USDC, which accounts for over 90% of deposits, following bids from Paxos and Frax Finance beginning Sept. 5.
- Technically, USDH runs on HyperEVM and is listed first as a USDH/USDC spot pair on HyperCore; reserves are backed by cash and short-dated U.S. Treasuries managed via Stripe's Bridge and BlackRock, with reserve yield split 50-50 to support HYPE token buybacks and the Hyperliquid Assistance Fund.
- Operationally, the debut imposed single-order limit 800 and stressed settlement systems, while pre-minting produced 15 million USDH and launch price held near $0.99960.
- Facing rivals that process massive volumes, Hyperliquid processed $330 billion in July with a small team while governance concerns raised by Dragonfly partner Haseeb Qureshi emerge amid a phased rollout over the coming months.
19 Articles
19 Articles
USDH Surpasses USDC on Hyperliquid Hours After Launch
Hyperliquid’s new stablecoin USDH launched on Wednesday, drawing in close to $2 million in early trading volume. Around nine hours after being deployed on HyperEVM, USDH had also surpassed Circle’s stablecoin USDC’s market share. A Dune dashboard created by @kambenbrik shows that USDH is currently the third largest stablecoin on HyperEVM with an 8.9% market share and over $24 million in circulation. Data from Allium’s USDH dashboard shows that …
Hyperliquid’s Native Stablecoin USDH Hits Over $2M Trading Volume After Debut
Hyperliquid's very own stablecoin USDHL, developed by Native Markets, debuted Wednesday, generating over $2 million in early volume.As of writing, the Hyperliquid-listed USDH/USDC pair traded at 1.001, with a total trading volume of 2,244,932.79 USDC.Last week, the Hyperliquid validator community selected Native Markets to receive the USDH ticker following a lengthy bidding war that saw proposals from Paxos, Ethena, Frax, and others.The dollar-p…
Hyperliquid Launches Dollar-Pegged Stablecoin USDH
The post Hyperliquid Launches Dollar-Pegged Stablecoin USDH appeared on BitcoinEthereumNews.com. Key Insights: Hyperliquid launched its first native stablecoin, USDH, logging nearly $2 million in early trading. Native Markets, a new startup, won governance rights to manage USDH despite competition from larger players like Paxos and Frax. USDH is backed by cash and US Treasuries and uses Stripe’s Bridge for reserve management. Stablecoin markets …
Hyperliquid Debuts Native Stablecoin USDH With $2M In First-Day Trades - FinanceFeeds
USDH Launch Marks a Milestone for Hyperliquid Hyperliquid, the decentralized derivatives exchange, launched its first native stablecoin, USDH, on Wednesday with an initial USDC trading pair. Early volumes reached nearly $2 million, giving the network a dollar-pegged asset to serve as a stable unit of account and collateral. For a protocol that has relied on external stablecoins like Circle’s USDC, the launch represents a major step in consolidat…
Aster DEX Revenue Boom Shadows Hyperliquid’s USDH Debut
Unlike many fresh stablecoin launches, USDH comes tied directly into Hyperliquid’s Assistance Fund. Every dollar held in reserves splits its yield — half supporting the fund, the other fueling expansion of the token itself. Native Markets says the reserves sit in cash and short-term U.S. treasuries, aligning with the GENIUS Act’s standards for backing. For traders, the first USDH/USDC spot order book is now open, while future plans are more ambi…
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