Hyperliquid has launched its own stablecoin, USDH, developed by Native Markets, generating more than $2 million in early trading volume following its debut on Wednesday.
The USDH/USDC pair is currently trading at 1.001 on Hyperliquid, with total trading volume reaching 2,244,932.79 USDC.
The stablecoin ticker was awarded to Native Markets by Hyperliquid’s validator community after a competitive selection process that included proposals from Paxos, Ethena, Frax, and other participants.
USDH is dollar-pegged, issued natively on HyperEVM, and backed by cash and short-term U.S. Treasury securities. The new stablecoin aims to reduce Hyperliquid’s dependence on external stablecoins, such as Circle’s USDC, which accounts for over 90% of deposits on the platform.
By introducing USDH, Hyperliquid can retain liquidity and yield generated from reserves within its ecosystem. Reserve income from USDH will be allocated through a 50-50 split, with half directed to HYPE token buybacks and the other half supporting ecosystem growth initiatives.
Hyperliquid remains the world’s leading on-chain perpetuals decentralized exchange, controlling over 35% of global trading activity, though its market share has declined from a peak of 70% in May.
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