Hyperliquid stablecoin goes live after fierce bidding for issuance rights

The USDH stablecoin is live, giving the derivatives exchange its first dollar-pegged asset after Native Markets secured issuance rights in a validator vote.

Hyperliquid’s native stablecoin, USDH, launched on Wednesday with a USDC trading pair, logging nearly $2 million in early trading.

With USDH now live, Hyperliquid has its first dollar-pegged asset, giving traders a stable unit of account and collateral across the network.

Native Markets will manage the exchange’s stablecoin and oversee billions of dollars in potential flows. The crypto startup, led by Hyperliquid investor Max Fiege, former Uniswap Labs president Mary-Catherine Lader and blockchain researcher Anish Agnihotri, was selected through a validator vote on Sept. 14.

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