This week, Native Markets launched its fiat-backed stablecoin, USDH, on Hyperliquid. The token opened trading in a USDH/USDC spot pair. And, it has already seen about $2.2 million in volume as users cautiously step in.
For Hyperliquid, the move is more than just another trading pair. It is a step toward building its own settlement rails and strengthening liquidity options for its growing community.
A Validator-Approved Stablecoin Goes Live
What makes USDH stand out is how it came to market. Rather than being pushed by a single company, the token was approved through Hyperliquid’s validator-run selection process. That gave the launch a layer of community legitimacy from the start.
Wow! $USDH is live!
That was much sooner than I anticipated – $USDH, by Native Markets (do they even have an X account?) is now live on HyperCore.
What we know:
– Built by @fiege_max
– It’s a regulated fiat backed stablecoin
– Off chain and on chain reserves via… pic.twitter.com/bMBNI4eUiG— Wajahat Mughal (@0xMughal) September 24, 2025
USDH is issued on HyperEVM, the chain’s smart contract environment, and then bridged across the Hyperliquid stack. Native Markets has emphasized that the token is fully backed by cash and short-term U.S. Treasuries, with reserves managed both off-chain and through an onchain sleeve that is viewable via oracle feeds. This hybrid model aims to balance transparency with practical asset management.
There is also an added twist: a portion of earnings from the stablecoin reserves will go toward buybacks of Hyperliquid’s HYPE token. That creates an economic loop designed to reinforce the ecosystem while giving traders an extra reason to pay attention to USDH’s growth.
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 pic.twitter.com/IZKezOFL4a
— Allium (@AlliumLabs) September 24, 2025
The timing of USDH’s debut is no accident. Across the industry, stablecoins are surging. For exchanges like Hyperliquid, offering reliable dollar-pegged assets is critical, especially as traders increasingly demand low fees, deep liquidity, and seamless settlement.
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The post Native Markets’ USDH Launches on Hyperliquid appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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