The USDH stablecoin from Hyperliquid is set to debut following a successful vote by shareholders. This step signals the company’s intent to expand its ecosystem.
Native Markets Secures the USDH Mandate
The winning proposal championed by Native Markets received over 70% of shareholder votes, allowing the initiation of the USDH launch process. The HYPE team expressed confidence in the structured approach taken by Native Markets, which includes a controlled trial phase for mints and redemptions.
> "Native Markets has been awarded the USDH ticker on Hyperliquid. Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward." — max.hl (@fiege_max) [September 14, 2025]
Strategic Reserve Management
A key factor in Native Markets' success is its reserve management strategy. Off-chain reserves will be managed by financial giant BlackRock, while tokenized reserves will be overseen by Superstate. Native Markets will also split reserve earnings between Hyperliquid’s ecosystem development and the Assistance Fund.
Market Confidence and Competitive Factors
Institutional confidence in Hyperliquid appears to be increasing, as evidenced by positive remarks from figures like Jan van Eck. Kraken has already confirmed plans to list both USDH and HYPE tokens, which strengthens Hyperliquid's market positioning. However, USDH faces strong competition from USDC, the most liquid stablecoin on the platform.
The launch of USDH under Native Markets' management will be a significant milestone for Hyperliquid, and if successful, the stablecoin could emerge as a serious contender in the decentralized finance space.
