Native Markets has secured the rights to issue the USDH dollar stablecoin after a competitive bidding process involving top industry players.
Native Markets Secures USDH Bid
The decision was reached following a week of speculation and bidding, during which key contender Ethena withdrew from the race, resulting in a 99% chance of Native Markets winning.
Plans for USDH Rollout and Reserve Management
Founder Max Fiege announced plans to initiate USDH testing, allowing users to transact up to $800 before opening uncapped trading. USDH will be fully backed by cash and U.S. Treasuries, with reserves managed by BlackRock and Superstate.
Criticism of USDH Governance Process
The governance process has faced criticism from some industry members, claiming it was biased towards Native Markets. Haseeb Qureshi criticized the process as a 'farce,' suggesting informal agreements were in place.
The rollout of USDH by Native Markets is set against a backdrop of criticism regarding governance transparency, highlighting the importance of fairness in stablecoin management.
