According to him:
“Native Markets has been awarded the USDH ticker on Hyperliquid. Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.”
However, Native Markets’ proposal resonated with validators thanks to its detailed reserve structure, compliance safeguards, and the leadership team’s deep involvement with the decentralized exchange.
Native Markets was formed specifically to develop USDH, with the aim of reducing the $200 million in annual value leakage the Hyperliquid protocol has faced.
The project submitted its proposal less than two hours after Hyperliquid first announced the stablecoin, stressing its determination to lead the effort.
For compliance, issuance will run through Bridge, which already holds money transmission and MSB licenses in both the US and Europe.
Meanwhile, revenue from the stablecoin reserves will be split evenly, with half directed to HYPE buybacks and the Assistance Fund, and the other half dedicated to expanding USDH adoption.
According to Feige, his team is committed to deploying both the HIP-1 version of USDH and an ERC-20 token.
He said the rollout would begin with a capped testing phase, allowing traders to mint and redeem tokens in transactions of up to $800.
Once initial trials are complete, the team plans to open the USDH/USDC spot order book and enable unlimited mints and redemptions.
To accommodate institutional-scale activity, Native Markets also intends to make its API available for large-volume traders during testing. According to Fiege, this approach ensures robust liquidity and smooth integration into Hyperliquid’s trading environment.
