Key Takeaways:
- Native Markets secured the USDH stablecoin ticker on Hyperliquid after a community vote and bidding process.
- The team plans to introduce an ERC-20 version and initiate a controlled testing phase for USDH minting and redeeming.
- The selection process faced criticism over transparency, sparking broader discussion on the future commoditization of stablecoins.
Native Markets has secured the USDH ticker on Hyperliquid after a community vote and competitive bidding process involving multiple teams.
The decision positions Native Markets to issue and manage Hyperliquid’s U.S. dollar-pegged stablecoin, USDH.
We will be deploying both the USDH HIP-1 and corresponding ERC-20 within days.
— max.hl (@fiege_max) September 14, 2025
We will then start with a testing phase for mints and redeems of up to $800/tx with an initial group, to be followed by the opening of the USDH/USDC spot order book as well as uncapped mints &…
Founder Max Fiege announced that the team will launch the first Hyperliquid Improvement Proposal (HIP) tied to USDH, alongside an ERC-20 version of the token.
The rollout will begin with a testing phase allowing mints and redeems of up to $800 per transaction for select users, followed by the launch of the USDH/USDC spot order book and eventually uncapped transactions.
The outcome drew widespread industry attention, especially after competitor Ethena withdrew its bid, which pushed Native Markets’ winning odds above 99% on Polymarket.
Still, the process sparked criticism, with some insiders questioning its fairness.
Dragonfly’s Haseeb Qureshi suggested the outcome may have been predetermined, while others viewed the bidding war as highlighting the growing commoditization of stablecoins.
Helius CEO Mert Mumtaz predicted exchanges may eventually consolidate branding, offering users a single “USD” option.
Despite the criticism, Fiege expressed gratitude to validators, stakers, and rival teams.
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