TL;DR
- Stablecoin launch: Native Markets secured the USDH ticker on Hyperliquid and quickly pre-minted $15 million, positioning the stablecoin as a central piece of the exchange’s growth strategy.
- Compliance focus: USDH is backed by cash and U.S. treasury equivalents via Bridge, with half of revenues pledged to Hyperliquid’s Assistance Fund to reinforce sustainability and regulatory alignment.
- Competitive pressure: Rival Aster surged to a $3.8 billion market cap as its token climbed 19%, while Hyperliquid’s HYPE fell 19% on the week, signaling shifting momentum.
Hyperliquid has officially launched its highly anticipated USDH stablecoin, with Native Markets emerging as the unexpected winner of the ticker bid. The rollout comes amid heightened competition in the decentralized exchange space, particularly as rival Aster gains traction. Despite the milestone, Hyperliquid’s native token HYPE has stumbled, reflecting shifting market sentiment.
USDH is now live for all Hyperliquid users!
The USDH / USDC spot order book is open on HyperCore, with over $15M USDH pre-minted in the last 24 hours.
— Native Markets (@nativemarkets) September 24, 2025
Native Markets Wins the Ticker Battle
Earlier this month, Hyperliquid opened proposals for control of the USDH ticker, attracting bids from major players including Paxos, Agora, and BlackRock-backed Ethena. Surprisingly, Native Markets, a firm created only months before the process, secured the win. The company revealed that over $15 million worth of USDH was pre-minted within 24 hours of launch. Co-founder Max Fiege emphasized that native stablecoins will drive Hyperliquid’s next stage of growth, pledging daily commitment to the ecosystem.
Structure and Compliance of USDH
Native Markets designed USDH to be “Hyperliquid-first” and “Hyperliquid-aligned.” Half of the stablecoin’s revenues will be donated to Hyperliquid’s Assistance Fund, a buy-back mechanism supporting the protocol. The issuer stated that USDH is backed by cash and U.S. treasury equivalents managed by Bridge, a platform acquired by Stripe in 2024.
The stablecoin is also intended to comply with regulations in both the U.S. and Europe. Despite the high-profile battle for the ticker, the Hyperliquid Foundation clarified that USDH will not receive special privileges on the network.
Market Reactions and Community Concerns
While Native Markets’ victory was widely predicted on the Myriad platform, some community members voiced concerns about fairness, suggesting the firm may have had an advantage. Predictors on Myriad gave Native Markets a 96% chance of winning days before the vote began. The controversy has not slowed momentum, but questions remain about transparency in the selection process. Native Markets has yet to respond to requests for comment regarding these concerns.
Rising Competition from Aster
USDH’s debut coincides with the rise of Aster, a BNB Chain-based decentralized exchange specializing in perpetual futures. Aster’s token surged 19% in the past 24 hours to $2.31, reaching a $3.8 billion market cap and briefly surpassing Hyperliquid in revenue. Meanwhile, HYPE fell more than 6% to $44.81, with a weekly decline of nearly 19%. Myriad predictors now lean bearish, with 73% expecting HYPE to drop to $39 before climbing toward $69, underscoring the pressure Hyperliquid faces from its new rival.
