USDH isn’t just another native stablecoin on Hyperliquid. Multibillion-dollar issuers are in a fierce race. Curious about who they are and what they offer? Take a dive in the open-thread.

Hyperliquid, a leading onchain perpetuals exchange, has launched USDH, a native dollar-pegged stablecoin designed to be “Hyperliquid-first” and deeply integrated into its trading ecosystem. Rather than issuing the asset itself, the protocol ran a competitive selection process for the right to build and manage USDH, attracting bids from multibillion‑dollar stablecoin issuers and fintechs including Paxos, Ethena, Sky (formerly MakerDAO), Frax Finance, Agora, Bastion, OpenEden, and the purpose-built Native Markets. The contest centered on who would control the USDH ticker on Hyperliquid and how much of the yield on reserve assets would be shared back with the ecosystem via HYPE token buybacks and other incentives. In a validator vote that concluded in mid‑September 2025, Native Markets—an issuer closely aligned with the Hyperliquid ecosystem—won the mandate over larger incumbents despite offering a lower revenue‑sharing split (50% of reserve yield versus 95–100% in some rival proposals). Under the winning design, USDH is a fiat‑backed stablecoin with reserves held in cash and U.S. Treasury equivalents, using Stripe’s Bridge platform as the regulated issuer, BlackRock for offchain reserve management, and Superstate for onchain reserves. USDH now functions as Hyperliquid’s primary aligned quote asset, offering fee discounts and tighter integration for traders, while existing stables like USDC remain the main bridge asset for moving liquidity in and out of the network. This structure reduces Hyperliquid’s dependence on third‑party stablecoins such as USDC and USDT, re-routes a share of stablecoin yield back to the protocol, and illustrates how major DeFi venues are turning native stablecoins into a strategic revenue and control lever within the broader “stablecoin wars.”

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Stablecoin Giants Battle for USDH Ticker on Hyperliquid - Galaxy (galaxy.com)
• Meet the bidders vying to build Hyperliquid's USDH stablecoin (dlnews.com)
• What Is USDH? A Deep Dive into Hyperliquid's Native Stablecoin (coingecko.com)
• USDH vs USDC on Hyperliquid | Support - Eco (eco.com)
• USDH — Hyperliquid's Native Stablecoin (usdh.com)

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