Asia Morning Briefing: USDH Issuance Rights Awarded to Native Markets via Validator Vote

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

Co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid backer Max Fiege, Native Markets confirmed on X that USDH will launch in phases—starting with capped mints and redemptions, followed by a USDH/USDC spot pair, with caps lifted later. The USDH ticker has been officially assigned to the platform.

On-chain data shows Native Markets captured roughly 70% of validator votes, while Paxos received 20% and Ethena 3.2%. USDH aims to compete with Circle’s USDC, which currently holds nearly $6 billion in deposits on Hyperliquid, around 7.5% of total supply. Other stablecoins will remain supported if they meet liquidity and HYPE staking requirements.

Rival proposals emphasized ecosystem returns: Paxos via HYPE buybacks, Frax through direct user yield, and Sky offering a 4.85% savings rate plus a $25 million “Genesis Star” initiative. Native Markets focused instead on credibility, trading experience, and alignment with validators.

Market Snapshot

• BTC: Bitcoin reclaimed $115,000, supported by ETF inflows, easing U.S. inflation, and expectations for Fed rate cuts, with resistance near $116,000.
• ETH: Ethereum trades above $4,600, buoyed by strong ETF inflows.
• Gold: Gold remains near record highs amid anticipated dollar weakness ahead of potential Fed rate cuts.