Cryptocurrency exchange Hyperliquid has announced the launch of its own stablecoin, USDH, marking a new phase in its development. The announcement also includes plans for changes in trading fee structure.
What is USDH?
Hyperliquid announced plans to hold an on-chain vote regarding the issuance of its stablecoin, USDH. The selected project will gain the right to issue the token, which will be compatible with the Hyperliquid ecosystem. The exchange will provide branding and the USDH token, while the voted team will be responsible for issuance and operations.
Changes in Hyperliquid's Spot Market
In addition to announcing the USDH stablecoin, Hyperliquid also reported a restructuring of its spot market. The exchange stated that trading fees, market maker discounts, and volume contributions for some trading pairs would be reduced by 80%, potentially lowering user costs.
Market Reaction to the Announcement
Following the announcement, the price of the HYPE token slightly increased, reaching $47.2.
The launch of the USDH stablecoin and changes in trading fee structure could be significant steps towards the development of the Hyperliquid platform and improving conditions for users.
