Hyperliquid validators to decide USDH ticker for its native U.S. dollar stablecoin in first governance test by an on-chain vote scheduled for September 14 following pushback. Hyperliquid claims the ticker carries no special privileges, while analysts see it as a push to reduce reliance on USDC. Analyst Jaehyun Ha said that Hyperliquid’s planned stablecoin aims to cut reliance on USDC, recycle reserve income and estimates suggest a 15% liquidity share could divert $5.5 billion from USDC and generate $220 million annually for HYPE holders.