Newly Launched Hyperliquid USDH Stablecoin Trades Over $2M in First Sessions

Hyperliquid has launched USDH, a homegrown stablecoin developed by Native Markets, generating over $2 million in trading volume shortly after its debut on Wednesday.

The USDH/USDC pair is trading at 1.001 on Hyperliquid, with total volume reaching 2,244,932.79 USDC.

The ticker was awarded to Native Markets by Hyperliquid’s validator community following a competitive selection process that included proposals from Paxos, Ethena, Frax, and others.

USDH is pegged to the U.S. dollar and issued natively on HyperEVM, backed by cash and short-term U.S. Treasury securities. The stablecoin aims to reduce Hyperliquid’s reliance on external stablecoins, such as USDC, which currently represents over 90% of deposits on the platform.

The introduction of USDH allows Hyperliquid to retain liquidity and yield generated from reserves within its ecosystem. Revenue from USDH’s reserves will be split 50-50, with half supporting HYPE token buybacks and the other half funding 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.