Hyperliquid's Newly Launched USDH Stablecoin Sees Over $2M Volume in Early Trading

USDH, backed by cash and U.S. Treasury securities, aims to reduce dependency on external stablecoins.

Sep 24, 2025, 12:13 p.m.

Hyperliquid's very own stablecoin USDHL, developed by Native Markets, debuted Wednesday, generating over $2 million in early volume.

As of writing, the Hyperliquid-listed USDH/USDC pair traded at 1.001, with a total trading volume of 2,244,932.79 USDC.

Last week, the Hyperliquid validator community selected Native Markets to receive the USDH ticker following a lengthy bidding war that saw proposals from Paxos, Ethena, Frax, and others.

The dollar-pegged stablecoin is issued natively on HyperEVM and is backed by cash and short-term U.S. Treasury securities. The stablecoin will help reduce Hyperliquid's dependency on external stablecoins such as the Circle-issued USDC, which accounts for over 90% of the deposits on the platform.

Having a homegrown stablecoin will help the platform retain the liquidity and the yield generated from reserves within its own ecosystem. USDH is designed to channel the yield generated from its reserves into the ecosystem through a 50-50 split, such that half of the revenue from USDH’s reserve income goes into funding HYPE buybacks and the other half supports ecosystem growth initiatives.

Hyperliquid is the world's leading on-chain perpetuals decentralized exchange, controling over 35% of the global activity. It's market share, however, has receded sharply from 70% at one point in May.

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