Native Markets has been selected by Hyperliquid’s validator community to issue USDH, concluding a weeklong contest that included proposals from Paxos, Frax, Sky (formerly MakerDAO), Agora, and others. The rollout is expected to begin in the coming days.

The company, co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid supporter Max Fiege, announced on X that it will start issuing USDH shortly. Native Markets has also been awarded the USDH ticker on the Hyperliquid platform.

According to on-chain trackers, Native Markets captured roughly 70% of validator votes, while Paxos received 20% and Ethena 3.2%. The staged launch will begin with capped mints and redemptions, followed by a USDH/USDC spot pair, with caps removed in later phases.

USDH is designed to compete with Circle’s USDC, which currently dominates Hyperliquid with nearly $6 billion in deposits, about 7.5% of the network’s supply. Other stablecoins will continue to be supported if they meet liquidity and HYPE staking requirements.

Rival proposals emphasized ecosystem returns: Paxos suggested HYPE buybacks, Frax promised direct user yield, and Sky proposed a 4.85% savings rate plus a $25 million “Genesis Star” project. Native Markets, however, focused on credibility, trading experience, and alignment with network validators.

Market Snapshot

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