Hyperliquid has launched trading for USDH, a dollar-pegged stablecoin issued by Native Markets. The token went live today in a USDH/USDC pair after a quiet rollout on the platform.
This comes as Native Markets secured the right to issue USDH earlier this month after a validator vote. The vote included 19 proposals from firms such as Paxos, Frax, and Agora. Polymarket bettors favored Native Markets while Paxos tried to persuade validators with the idea of linking PayPal and Venmo rails.
Early trading volumes reached about $2.2 million in the first day. Native Markets said the reserves are backed by cash and short-dated U.S. Treasuries. A mix of off-chain management and on-chain tracking is included, with oracle feeds used to provide transparency. Part of the reserve earnings will also be directed to HYPE token buybacks.
Notably, Hyperliquid has grown rapidly by combining fast execution with validator-driven governance. At the time of writing, it holds more than 75% of the decentralized perpetual futures market. The platform also supports around $5.6 billion in stablecoin liquidity, with USDC making up 95% of that total.
This has provided nearly $200 million a year in revenue for Circle. By adding USDH, Hyperliquid is creating another path for liquidity and income while reducing reliance on outside issuers.
The debut of USDH comes as demand for stablecoins continues to rise. Meanwhile, Data shows that the total supply of stablecoins is nearing $280 billion across blockchains. The rollout adds a new dollar-pegged option for traders on Hyperliquid as the sector reaches record levels of growth.
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