USDH has officially launched on Hyperliquid.

On September 24, according to The Block, the stablecoin USDH issued by Native Markets has been launched on Hyperliquid, enabling the USDH/USDC trading pair. The early trading volume is approximately $2.2 million, indicating a cautious but active market start. USDH is the first dollar-pegged Token issued through a validator-led selection process on Hyperliquid. This stablecoin is natively deployed on HyperEVM and can be used across the Hyperliquid ecosystem. Native Markets won the bid earlier this month, defeating companies like Paxos, Frax, and Agora. The plan is to launch in phases, with the first USDH/USDC Spot market expected to be introduced within days after the proposal is voted through. The issuer stated that the USDH reserves are fully backed by cash and short-term U.S. treasury bonds, with initial allocations including off-chain management and on-chain components, and transparency provided through the Oracle Machine. The proposal materials also suggest using part of the reserve earnings for HYPE buybacks, forming an economic cycle.