Hyperliquid’s native stablecoin, USDH, has officially gone live with the trading pair USDH/USDC. According to the decentralized exchange’s order book, volumes began moving soon after launch, with roughly $2.24 million changing hands during the opening 0 is a dollar-pegged token developed by Native Markets , which secured the mandate to issue the stablecoin earlier this 1 coin is issued natively on HyperEVM and bridged on Hyperliquid’s infrastructure, tightly integrated into the platform’s trading 2 Markets launches USDH after winning the vote Native Markets won the right to issue USDH after competing in a governance process with four other firms that submitted proposals, including Paxos, Frax, Athena, and Agora.
Hyperliquid’s validators ultimately chose the home-grown 3 were due on September 10, with validators stating their intended votes the following day and final votes cast between September 14 and 4 prediction platform Polymarket, bettors favored Native Markets as the likely 5 attempted to sway voters with its plan to add PayPal and Venmo payment rails, but the Hyperliquid community preferred a smaller, native 6 plan called for a phased rollout, with the first USDH/USDC spot market to appear within days of the vote, timing that has now been met. “USDH is now live for all Hyperliquid users! The USDH / USDC spot order book is open on HyperCore, with over $15M USDH pre-minted in the last 24 hours,” the USDH issuer posted on X earlier 7 to Native Markets, USDH reserves are fully backed by cash and short-dated US 8 technology company has implemented a model that combines off-chain management with an onchain reserve sleeve for transparency, while Oracle feeds provide real-time insights into reserve composition.
A portion of reserve earnings will be allocated to HYPE token buybacks, creating a feedback loop between the stablecoin’s usage and Hyperliquid’s native 9 Labs confirmed it has launched a real-time dashboard for USDH in collaboration with Native 10 dashboard, available at usdhstats. com, tracks supply, volumes relative to other stablecoins, and the top holders of USDH. 1/4 🚀 Just launched: a real-time dashboard for USDH on @hyperliquidX !! See supply, top holders, volume vs other stablecoins and more @AlliumLabs is teaming up w/ @NativeMarkets to bring you the USDH data from day 1 11 — Allium (@AlliumLabs) September 24, 2025 At the time of this publication, the top address currently holds 7.89 million USDH, valued at approximately $7.9 12 wallet was last active at 06:11 13 second-largest holder controls just over 5 million USDH and was last active late 14 and DEX activity hit peaks in Q2 and Q3 USDH’s launch comes at a time when stablecoins are reaching unprecedented adoption 15 to data from DefiLlama, total circulating supply in blockchains has clocked $290 billion, setting an all-time high for the sector.
Tether’s USDT still has the lion’s market share with $173 billion, followed by Circle’s USDC at $74 16 the decentralized exchanges’ end, over 14.2 million unique wallets had interacted with DeFi protocols by the end of 2025’s second 17 trading volumes on major decentralized exchanges in the last 3 months range between $1 billion and $2 billion, depending on market 18 the last 30 days, DEX volumes have reached $482 billion, and could likely beat August’s total of $510 19 was by far 2025’s most active year for these exchanges, counting over $560 billion within the month 20 beats Hyperliquid in trading volume New DEX Aster has peaked Hyperliquid’s daily perpetual trading volumes, posting $24.7 billion against the latter’s $10 billion in the last 21 and Lighter followed with $8.25 billion and $6.18 billion, 22 Hyperliquid trails in daily performance, the platform retains a strong lead in weekly and monthly 23 data indicates that Hyperliquid processed $66 billion in perpetual volumes over the past seven days and nearly $300 billion in the past 30 24 seen where it 25 in Cryptopolitan Research and reach crypto’s sharpest investors and builders.
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