Hyperliquid's newly launched stablecoin, USDH, generated over $2 million in trading volume shortly after its debut. The USDH stablecoin, designed to reduce reliance on external stablecoins like USDC, is backed by cash and short-term U.S. Treasury securities. In initial trading, the USDH/USDC pair was valued at 1.001, totaling a trading volume of 2,244,932.79 USDC. The issuance of USDH follows a competitive selection process within the Hyperliquid validator community. This self-issued stablecoin aims to enhance liquidity and streamline income generated from reserves, funneling half of its generated yield into HYPE buybacks while also supporting ecosystem development. Hyperliquid currently dominates over 35% of the on-chain perpetuals decentralized exchange market, though its market share has seen a notable decline from 70% earlier in the year.

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