Native Markets has been selected by Hyperliquid’s validator community to issue USDH, concluding a weeklong contest that included Paxos, Frax, Sky (formerly MakerDAO), Agora, and other bidders. The rollout is expected to begin in the coming days.
Co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid backer Max Fiege, Native Markets confirmed on X that USDH will launch in stages. The rollout begins with capped mints and redemptions, followed by a USDH/USDC spot pair, before caps are removed. The USDH ticker has now been officially assigned to the platform.
On-chain data shows Native Markets received roughly 70% of validator votes, while Paxos garnered 20% and Ethena 3.2%. USDH is designed to compete with Circle’s USDC, which currently holds nearly $6 billion in deposits on Hyperliquid, approximately 7.5% of total supply. Other stablecoins will remain supported if they meet liquidity and HYPE staking requirements.
Competing proposals focused on ecosystem returns—Paxos via HYPE buybacks, Frax through direct user yield, and Sky offering a 4.85% savings rate plus a $25 million “Genesis Star” initiative. Native Markets emphasized credibility, trading experience, and alignment with network validators.
Market Snapshot
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