Hyperliquid’s home-grown stablecoin USDH goes live

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 stretch. 

USDH is a dollar-pegged token developed by Native Markets, which secured the mandate to issue the stablecoin earlier this month. The coin is issued natively on HyperEVM and bridged on Hyperliquid’s infrastructure, tightly integrated into the platform’s trading stack.

Native 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 issuer. 

Proposals were due on September 10, with validators stating their intended votes the following day and final votes cast between September 14 and 15. On prediction platform Polymarket, bettors favored Native Markets as the likely winner. 

Paxos attempted to sway voters with its plan to add PayPal and Venmo payment rails, but the Hyperliquid community preferred a smaller, native provider. The 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 today.

According to Native Markets, USDH reserves are fully backed by cash and short-dated US Treasuries. The 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 ecosystem.

Allium Labs confirmed it has launched a real-time dashboard for USDH in collaboration with Native Markets. The dashboard, available at usdhstats.com, tracks supply, volumes relative to other stablecoins, and the top holders of USDH. 

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🚀 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 pic.twitter.com/IZKezOFL4a

— 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 million. That wallet was last active at 06:11 UTC. The second-largest holder controls just over 5 million USDH and was last active late yesterday. 

Stablecoins and DEX activity hit peaks in Q2 and Q3 

USDH’s launch comes at a time when stablecoins are reaching unprecedented adoption levels. According 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 billion. 

On the decentralized exchanges’ end, over 14.2 million unique wallets had interacted with DeFi protocols by the end of 2025’s second quarter. Daily trading volumes on major decentralized exchanges in the last 3 months range between $1 billion and $2 billion, depending on market conditions. 

In the last 30 days, DEX volumes have reached $482 billion, and could likely beat August’s total of $510 billion. January was by far 2025’s most active year for these exchanges, counting over $560 billion within the month alone.

Aster 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 day. EdgeX and Lighter followed with $8.25 billion and $6.18 billion, respectively.

Although Hyperliquid trails in daily performance, the platform retains a strong lead in weekly and monthly values. DefiLlama data indicates that Hyperliquid processed $66 billion in perpetual volumes over the past seven days and nearly $300 billion in the past 30 days.