Native Markets has been selected by Hyperliquid’s validator community to issue USDH, concluding a weeklong contest that included Paxos, Frax, Sky (formerly MakerDAO), Agora, and others. The rollout is set to begin in the coming days.
The company, co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid backer Max Fiege, announced on X that USDH will launch in stages—starting with capped mints and redemptions, followed by a USDH/USDC spot pair before caps are lifted. The USDH ticker has now been officially assigned to Native Markets.
On-chain data shows Native Markets captured about 70% of validator votes, while Paxos received 20% and Ethena 3.2%. USDH is designed to compete with Circle’s USDC, which currently holds nearly $6 billion in deposits on Hyperliquid, roughly 7.5% of total supply. Other stablecoins will remain supported if they meet liquidity and HYPE staking requirements.
Rival proposals emphasized ecosystem returns, including HYPE buybacks (Paxos), direct user yield (Frax), and a 4.85% savings rate plus a $25 million “Genesis Star” project (Sky). Native Markets, however, prioritized credibility, trading expertise, and alignment with validators.
Market Snapshot
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