Asia Morning Briefing: Validator Vote Grants Native Markets Right to Launch USDH

Native Markets has been chosen by Hyperliquid’s validator community to issue USDH, ending a weeklong competition that included Paxos, Frax, Sky (formerly MakerDAO), Agora, and other contenders. The rollout is expected to begin within days.

The company, co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid backer Max Fiege, confirmed the news on X, noting that USDH will launch in a staged process starting with capped mints and redemptions, followed by a USDH/USDC spot pair. The ticker USDH has now been officially awarded to Native Markets on the Hyperliquid network.

On-chain data shows Native Markets captured approximately 70% of validator votes, with Paxos receiving 20% and Ethena 3.2%. Other stablecoins will remain supported on Hyperliquid if they meet liquidity and HYPE staking requirements.

USDH is positioned as a competitor to Circle’s USDC, which currently holds nearly $6 billion in deposits on Hyperliquid, around 7.5% of total supply. While rival proposals focused on ecosystem returns—Paxos via HYPE buybacks, Frax through direct user yield, and Sky with a 4.85% savings rate plus a $25 million “Genesis Star” program—Native Markets emphasized credibility, trading experience, and alignment with validators.

Market Snapshot

BTC: Bitcoin recently reclaimed $115,000 amid ETF inflows, easing U.S. inflation, and growing expectations for Fed rate cuts. Resistance remains near $116,000.
ETH: Ethereum trades above $4,600, supported by strong ETF inflows.
Gold: Gold continues near record highs as investors anticipate dollar weakness ahead of potential Fed rate cuts.