Native Markets has launched the stablecoin USDH on Hyperliquid. Trading has commenced on the platform with the USDH/USDC pair, initially reaching a turnover of approximately $2.1 million.
USDH is the first “stablecoin” issued following a vote by Hyperliquid validators. The token operates on the HyperEVM network and is integrated into the exchange’s ecosystem.
In early September, Native Markets won a competition to launch a stablecoin. Its proposal surpassed those from Paxos, Frax, Agora, and other firms.
The issuer stated that USDH is fully backed by cash and short-term U.S. Treasury bonds. Reserve transparency is ensured through oracles. Part of the income from reserve management will be directed towards buying back HYPE tokens.
The debut of USDH comes amid growth in the stablecoin segment. According to CoinGecko, its total market capitalization has exceeded $299 billion.
Earlier in September, a blockchain researcher known as MLM reported on test transactions of USDC in HyperEVM.