Hyperliquid's native stablecoin, USDH, launched on September 24, 2025, with a USDC trading pair and saw nearly $2 million in early trading. The stablecoin, managed by Native Markets, is designed to provide traders with a stable asset across Hyperliquid's decentralized derivatives network. Backed by cash and US Treasury equivalents, USDH leverages Bridge, Stripe's tokenization platform, for reserve management. A bidding war began on September 5, leading to Native Markets securing the issuance rights after a vote by validators on September 14, despite criticisms regarding the fairness of the process. Critics claimed Native Markets appeared favored due to its startup status and timing, but it ultimately garnered more than two-thirds of the votes. Hyperliquid, which had launched in November 2024 and is operated with a small team, processed around $10 billion in trading volume recently. Meanwhile, competing decentralized exchanges, like Aster on the BNB Chain, have reported significantly higher trading volumes, highlighting the competitive landscape in decentralized finance.

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