The Hyperliquid native stablecoin USDH has officially launched

ChainCatcher news, according to The Block, the USDH stablecoin issued by Native Markets has been launched on the Hyperliquid platform, and the USDH/USDC trading pair is now open for trading. Initial trading volume indicates a cautious but active market start, with trading volume reaching approximately $2.2 million as the market kicks off.

USDH is the first dollar-pegged token issued based on the selection process run by Hyperliquid's validation nodes. It is a stablecoin natively issued on HyperEVM and can circulate across chains within the entire Hyperliquid ecosystem.

Native Markets won the bid earlier this month, beating out proposals from several companies including Paxos, Frax, and Agora. The plan requires a phased rollout, with the first USDH/USDC spot market going live "within days" after the vote passes.

The issuer stated that its reserves are fully backed by cash and short-term U.S. Treasury bonds, with the initial composition including both off-chain management and on-chain components, and data provided through oracles for transparency. The proposal materials also outline an economic circulation mechanism that allocates part of the reserve profits for HYPE token buybacks.