Following a vote by the Hyperliquid validator community, Native Markets has been granted the rights to the USDH stablecoin ticker for the decentralized exchange ecosystem.
Native Markets has been awarded the USDH ticker on Hyperliquid.
Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.
— max.hl (@fiege_max) September 14, 2025
The newly established company outperformed several well-known stablecoin sector participants, such as Paxos, BitGo, Ethena, and Frax Finance, during a week-long competition.
On the prediction market Polymarket, investors assessed Native Markets’ chances at nearly 100% just days before the tender concluded.
The company was founded by early Hyperliquid investor Max Feige, blockchain researcher Anish Agnihotri, and former Uniswap Labs president and COO Mary-Catherine Lader.
Some commentators reacted ambiguously to the newcomer’s lead during the competition.
Starting to feel like the USDH RFP was a bit of a farce.
Hearing from multiple bidders that none of the validators are interested in considering anyone besides Native Markets. It’s not even a serious discussion, as though there was a backroom deal already done.
Native Markets’… pic.twitter.com/qrc9xChv6z
— Haseeb ＞|＜ (@hosseeb) September 9, 2025
“Starting to feel like the USDH RFP was a bit of a farce. Hearing from multiple bidders that none of the validators are interested in considering anyone besides Native Markets. It’s not even a serious discussion, as though there was a backroom deal already done,” wrote Dragonfly managing partner Haseeb Qureshi.
He noted that the newly formed company submitted its application almost immediately after the tender announcement, possibly knowing the requirements in advance. Other contenders took a couple of days to prepare their proposals, Qureshi pointed out.
“We have deep respect for all the teams that submitted proposals and look forward to seeing them bring their ideas for Hyperliquid to life,” commented Feige on the tender results.
According to him, Native Markets will “in the coming days” begin a closed testing phase of the stablecoin with issuance and redemption transactions up to $800. This will be followed by the opening of the USDH/USDC spot pair and the removal of transaction limits.
As per the company’s proposal, the coin will be issued natively on Hyperliquid’s HyperEVM network. BlackRock will manage the off-chain reserves, while Superstate will handle on-chain assets through the Stripe-owned Bridge platform.
According to DeFi Llama, the total volume of stablecoins on Hyperliquid amounts to $6.22 billion, with approximately 97% accounted for by USDC.
Earlier, Circle announced a “grand entry” into the exchange ecosystem, including the launch of native USDC on HyperEVM.