Hyperliquid's USDH Stablecoin Launches with $2M+ Trading Volume | HYPE Token News

Hyperliquid's native stablecoin USDH, developed by Native Markets, launched on Wednesday with impressive early trading volume exceeding $2 million. The USDH/USDC trading pair on Hyperliquid is currently trading at 1.001, with a total volume of 2,244,932.79 USDC. This follows the Hyperliquid validator community's selection of Native Markets to manage the USDH ticker after a competitive bidding process involving major players like Paxos and Frax. The new dollar-pegged stablecoin is issued natively on HyperEVM and is backed by cash and short-term U.S. Treasury securities. A key benefit of USDH is reducing Hyperliquid's heavy reliance on external stablecoins like USDC, which currently comprises over 90% of platform deposits. This native stablecoin will help Hyperliquid, the world's leading on-chain perpetuals DEX with over 35% of global activity, retain liquidity and yield within its ecosystem. USDH's reserve income is strategically split 50-50, with half funding HYPE token buybacks and the other half supporting ecosystem growth initiatives, strengthening the entire Hyperliquid platform.