PANews reported on September 24th that the USDH stablecoin issued by Native Markets has been launched on the Hyperliquid platform, with the USDH/USDC trading pair now open. Initial trading volume indicated a cautious but active start to the market, reaching approximately $2.2 million as the market launched. USDH is the first dollar-pegged token issued through Hyperliquid's validator selection process. It is a stablecoin natively issued on the HyperEVM and can be circulated across chains within the Hyperliquid ecosystem.

Native Markets won the bid earlier this month, beating out proposals from several companies, including Paxos, Frax, and Agora. The plan calls for a phased rollout, with the first USDH/USDC spot market launching "within days" of the vote. The issuer stated that its reserves would be fully collateralized by cash and short-term U.S. Treasury bills, with an initial mix consisting of both off-chain and on-chain components, and transparent data provided by oracles. The proposal also outlines an economic recycling mechanism that would allocate a portion of reserve proceeds to buyback HYPE tokens.