Hyperliquid Plans USDH Stablecoin Launch – But There’s a Catch

Key Highlights

• Hyperliquid proposes USDH stablecoin, pending validator vote
• Platform slashes fees by 80% to boost liquidity
• Could USDH rival USDT and USDC in the market?

Hyperliquid Eyes USDH Stablecoin and Major Fee Cuts

The Hyperliquid platform has revealed plans to launch USDH, its own dollar-pegged stablecoin. The announcement came through the project’s official Discord channel. However, the decision is far from finalized.

The project team stressed that the stablecoin’s creation will undergo a validator vote before moving forward. Just like with asset delistings, the vote will take place directly on-chain at the first level. Validators will also have the power to select the team responsible for developing USDH.

Interestingly, despite the buzz, there’s still no mention of USDH on Hyperliquid’s official website, leaving the crypto community waiting for further confirmation.

Big Fee Reductions to Drive Liquidity

Alongside the stablecoin news, Hyperliquid plans a major protocol update:

• Taker, maker, and user fees will be reduced by 80% for dual-currency spot market pairs.
• Public spot quotes will become available, increasing transparency.
• Creating such trading pairs will require locking up a minimum amount of HYPE tokens. The exact requirement and slashing mechanism will be shared later.

The news had an immediate but modest impact on the HYPE token, which rose 3.4% on the daily chart before slightly pulling back.

It’s worth noting that Hyperliquid isn’t the only player exploring new stablecoins. Back in June 2025, the M0 platform launched the USDhl stablecoin, directly challenging market leaders USDC and USDT. If USDH gains approval, it could further intensify the race for dominance in the stablecoin sector.