Hyperliquid has officially rolled out USDH, a new stablecoin developed by Native Markets, recording over $2 million in trading volume shortly after its launch 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, issued natively on HyperEVM, and backed by cash and short-term U.S. Treasury securities. The stablecoin is intended to reduce Hyperliquid’s reliance on external stablecoins like USDC, which currently accounts for more than 90% of platform deposits.
With USDH, Hyperliquid aims to retain liquidity and yield generated from reserves within its ecosystem. Reserve income will be split 50-50, with half funding HYPE token buybacks and the other half supporting broader ecosystem growth initiatives.
Hyperliquid remains the world’s leading on-chain perpetuals decentralized exchange, controlling over 35% of global trading activity, though its share has fallen from a May peak of 70%.
