Native Markets Wins Bid for USDH, Announces Launch Plan

Native Markets has won the right to use the USDH ticker on the Hyperliquid platform following a public vote and a competitive bidding process. The company plans to launch its new stablecoin, USDH, by using two different token standards: HIP-1 and ERC-20.

This dual-standard approach means that USDH will be available on Hyperliquid's native chain for seamless trading and as a standard token on the Ethereum network, making it compatible with a wider range of wallets and applications.

How the USDH Launch Will Work

The launch will follow a careful, multi-step process to prevent technical or liquidity issues.

• Initial Test Phase: Native Markets will first announce a group of testers who will be able to mint and redeem up to $800 of USDH per transaction.
• System Monitoring: Engineers will monitor the performance of the contracts and the order book during this test period.
• Full Launch: If the tests are successful, the USDH/USDC spot order book will open, followed by a full launch that removes the $800 transaction cap.

Background on the Bidding Process

The USDH ticker was highly sought after, with major players in the crypto industry, including Paxos, Ethena, and Frax, competing for the right to issue the token. Native Markets' victory marks the culmination of weeks of public debate and a closely watched community vote. This event is significant because it could shift a large amount of trading yield to Hyperliquid, a key topic in the ongoing conversation about how stablecoin reserves should be managed.

What to Watch For

Traders and users should keep an eye out for official announcements regarding the initial test group, the exact dates for the HIP-1 and ERC-20 deployments, and the opening of the USDH order book. The initial $800 transaction limit is a key detail to remember, as it will limit early exposure while the system is being tested.

September 2025, Cryptoniteuae