- Native Markets won the Hyperliquid governance vote to launch the USDH stablecoin, defeating other major proposals.
- The USDH stablecoin rollout will begin with a capped testing phase before full public deployment.
Native Markets has secured the right to launch the USDH stablecoin on the Hyperliquid exchange. This decision resulted from a community governance vote. HYPE token stakers and network validators chose the proposal after reviewing several options.
The selection process involved multiple established organizations from the stablecoin and decentralized finance sectors. Competing proposals came from Paxos, Frax Finance, Sky, and Agora.
Other projects including Ethena and Curve also participated or considered submissions. Some competitors either withdrew their applications or failed to gather enough support during the process.
In a public statement, Native Markets extended gratitude to the Hyperliquid community. The company recognized the effort invested by stakers and validators in evaluating the different proposals.
The USDH stablecoin will launch using a phased approach. The HIP-1 and ERC-20 versions are expected to go live within several days. A testing period will follow the initial deployment. During this phase, a small group of users can mint and redeem the stablecoin with an $800 limit per transaction.
This careful approach aims to verify the system’s security and proper functionality. Subsequent steps will introduce a USDH/USDC spot trading pair. The team will then eliminate the transaction limit to permit larger minting and redemption operations.
Native Markets also announced it is seeking high-volume traders to test its application programming interface during the limited phase. The company asked interested traders to contact them directly to participate.
