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- Native Markets won the bid to manage Hyperliquid’s USDH rollout.
- USDH launch will start with capped trials before wider release.
- BlackRock and Superstate will manage the stablecoin’s reserves.
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Hyperliquid is preparing to launch its native USDH stablecoin in the coming days after Native Markets secured the winning bid to manage the rollout. The decision, backed by HYPE stakers on Hyperliquid, came despite concerns about the short proposal window and the firm’s close validator relationships.
Native Markets co-founder Max Fiege confirmed that the deployment of the USDH HIP-1 framework and its ERC-20 contract will occur before the public launch. Initially, the rollout will feature a controlled trial, limiting transactions to $800 per mint or redemption to test the infrastructure and stress-test the platform’s API with high-volume traders.
Native Markets has been awarded the USDH ticker on Hyperliquid.
— max.hl (@fiege_max) September 14, 2025
Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.
Strategic Reserve Model Boosts Validator Confidence
Native Markets’ proposal won strong validator support due to its structured reserve design and yield-sharing model. The plan involves BlackRock managing off-chain reserves in cash and U.S. Treasuries, while Superstate will handle tokenized reserves on-chain using Bridge and Stripe’s stablecoin infrastructure.
Half of the reserve earnings will fund ecosystem development, and the other half will support Hyperliquid’s Assistance Fund—aiming to foster long-term sustainability and community growth. Polymarket odds had given Native Markets over a 90% chance of winning, highlighting the strong confidence surrounding their bid.
Ecosystem Expansion and Competitive Landscape
If the controlled launch proves successful, Hyperliquid plans to add a USDH/USDC spot order book and lift transaction caps, allowing unlimited mints and redemptions. Kraken has already confirmed plans to list both USDH and Hyperliquid’s native HYPE token, which could boost liquidity and visibility.
Also Read: Hyperliquid’s HYPE Hits $57 ATH as Whale Buying and On-Chain Activity Surge
VanEck CEO Jan van Eck has also expressed optimism about Hyperliquid’s broader ecosystem, underscoring growing institutional confidence. While USDH will compete with Circle’s dominant USDC, Hyperliquid emphasized it will continue supporting other dollar-pegged stablecoins if they maintain deep liquidity, a strong peg, and a $10 million HYPE stake.
The USDH stablecoin launch marks a pivotal moment for Hyperliquid’s ecosystem. With robust backing, structured reserves, and major exchange listings, Native Markets’ rollout could reshape stablecoin competition on the platform.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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