Hyperliquid has unveiled USDH, a native stablecoin developed by Native Markets, which recorded over $2 million in early trading volume shortly after its debut on Wednesday.
The USDH/USDC pair is currently trading at 1.001 on Hyperliquid, with a total trading volume of 2,244,932.79 USDC.
The USDH ticker was awarded to Native Markets by Hyperliquid’s validator community after a competitive selection process that included proposals from Paxos, Ethena, Frax, and other contenders.
Pegged to the U.S. dollar and issued natively on HyperEVM, USDH is backed by cash and short-term U.S. Treasury securities. The stablecoin is designed to reduce Hyperliquid’s reliance on external stablecoins, such as USDC, which currently accounts for over 90% of deposits on the platform.
By introducing a homegrown stablecoin, Hyperliquid can retain liquidity and yield generated from reserves within its ecosystem. Income from USDH’s reserves will be split 50-50, with half allocated to HYPE token buybacks and the other half supporting ecosystem growth initiatives.
Hyperliquid remains the world’s leading on-chain perpetuals decentralized exchange, controlling over 35% of global trading activity, though its market share has fallen from a peak of 70% in May.
