- USDH is backed by cash and U.S. Treasuries, with reserve management split between BlackRock and Superstate for added transparency.
- Half of all USDH reserve earnings go to HYPE token buybacks, while the rest supports Hyperliquid network growth and Assistance Fund.
The Hyperliquid network has launched its new USDH stablecoin, marking an expansion for stable asset trading on the platform. Early activity has drawn attention, with USDH reaching over $2 million in trading volume shortly after its introduction.
The USDH/USDC spot market opened on HyperCore, where more than $15 million in USDH has been pre-minted within just 24 hours. At launch, USDH is trading at $0.99960, holding its value close to the intended peg.
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
USDH was issued directly on HyperEVM and is backed by a mix of cash and U.S. Treasury securities. Reserve management is divided between BlackRock, which oversees off-chain holdings, and Superstate, which manages on-chain reserves through Stripe’s Bridge protocol. The stablecoin’s reserve earnings are split evenly: half go toward HYPE token buybacks, while the other half supports further network growth.
Native Markets, the project behind USDH, confirmed its commitment to the Assistance Fund, stating that fifty cents from every dollar earned by USDH reserves will go to the fund. The other half is dedicated to scaling the stablecoin’s presence across the Hyperliquid network.
Users can expect a phased rollout of USDH over the coming months.
✅USDH HIP-1 and ERC-20 deployed
✅USDH / USDC spot order book on HyperCore
🏃HyperEVM integrations underway
🔜USDH as a spot quote asset
🔜Native minting on HyperCore
⏲️USDH-margined perp order books via HIP-3— Native Markets (@nativemarkets) September 24, 2025
The team also outlined a phased rollout plan, with HyperEVM integrations underway and upcoming features set to expand USDH’s use cases. These will include enabling USDH as a quote asset on the spot market, introducing native minting on HyperCore, and launching USDH-margined perpetuals via HIP-3.
Native Markets won the Hyperliquid stablecoin mandate after competing with names such as Paxos, Frax, and Agora. The project expressed gratitude for the community’s early support and positioned the launch as the starting point for wider adoption. As integrations continue, the Hyperliquid network expects USDH to play a central role in future trading infrastructure.
