Native Markets Wins Hyperliquid’s USDH Stablecoin Bid, Plans to Enter Testing “Within Days”

PANews reported on September 15th that, according to The Block, Hyperliquid's validator community has selected Native Markets as the recipient of the long-term reserved USDH trading ticker symbol. This week-long competition, which attracted bids from numerous major players in the stablecoin and cryptocurrency infrastructure sectors, has concluded. In a post announcing the results, Native Markets stated that it will immediately begin a phased rollout plan, starting with a small-scale minting and redemption test phase, followed by the launch of a USDH/USDC spot trading pair, and ultimately, the removal of the cap. The team views the cap as a safety check before the full rollout and states that relevant activities should begin "within days."

According to the proposal, Native Markets' USDH will be issued natively on Hyperliquid's HyperEVM network, with reserves managed by both off-chain and on-chain assets. The proposal also includes a plan to allocate reserve earnings to HYPE repurchases and expand USDH circulation. The stablecoin will be "initially fully backed by an off-chain reserve managed by BlackRock and an on-chain reserve managed by Superstate through Bridge, with cash and U.S. Treasury equivalents."