Native Markets wins vote to develop Hyperliquid’s stablecoin

• The Hyperliquid community has chosen Native Markets to issue USDH.
• The team secured more than 70% of the votes.
• USDH will be fully backed by cash and U.S. Treasury bonds, and will comply with regulatory standards.

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The Native Markets team won the vote to develop USDH, Hyperliquid’s native stablecoin. The news was announced by co-founder Maximilian Fiege.

News that Hyperliquid was planning to launch its own stablecoin to facilitate transfers on the platform first appeared in early September 2025. It was also revealed at that time that the issuer would be selected through a community vote.

The team was created specifically to issue USDH. Its co-founders are early Hyperliquid supporter Max Fiege, blockchain researcher Anish Agnihotri, and Mary-Catherine Lader, the former president of Uniswap Labs.

In the final tally, the Native Markets team won with more than 70% of the vote, leaving behind major competitors such as Paxos Labs — the issuer of PayPal’s stablecoin — and Ethena, the provider of the delta-neutral stablecoin USDe.

According to Fiege, the team plans to deploy USDH HIP-1 on Hyperliquid and a corresponding Ethereum version in the near future. During the testing phase, the maximum transaction size will be capped at $800, and access to the asset will be limited to a small group of users.

Once the system demonstrates sufficient stability, the USDH/USDC pair will be opened for all traders, and the minting cap will be lifted. Fiege also invited high-volume users to participate in the testing stage.

According to Native Markets’ proposal, USDH will be fully backed by cash and U.S. Treasuries. The team intends to use a mix of off-chain and on-chain approaches to reserve management.

Custodians will include BlackRock and the Bridge platform. USDH is also expected to fully comply with the GENIUS framework, previously approved by the U.S. House of Representatives.

Revenue from USDH reserves will be distributed within the ecosystem to support its further development.