USDH has been officially launched on Hyperliquid.

BlockBeats News, September 24th, according to The Block, the stablecoin USDH issued by Native Markets has been listed on Hyperliquid, with the USDH/USDC trading pair now available. The early trading volume was around $2.2 million, demonstrating a cautious yet active market start.

USDH is the first U.S. dollar-pegged token issued through a validator-led selection process on Hyperliquid. The stablecoin is natively deployed on HyperEVM and can be used across the Hyperliquid ecosystem. Native Markets emerged as the winner in the bidding process earlier this month, surpassing companies such as Paxos, Frax, and Agora. The rollout is planned in phases, with the first USDH/USDC spot market launched within days of the vote's approval.

The issuer stated that the USDH reserve is fully backed by cash and short-term U.S. Treasury bonds, with initial allocations including off-chain management and on-chain components, providing transparency through oracles. The proposal also suggested using a portion of the reserve earnings for HYPE buybacks to create an economic loop.