Hyperliquid has introduced its first native stablecoin, USDH, on the exchange’s HyperCore network, in a move aimed at strengthening its ecosystem as competition among decentralized exchanges intensifies.
Native Markets, the issuer, said more than $15 million USDH was pre-minted within the first 24 hours of launch.
USDH Backed by Cash and Treasuries
The new token is minted on HyperEVM and backed by cash and short-term U.S. Treasuries, in line with the GENIUS Act, which sets standards for stablecoin reserves.
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Native Markets called USDH a “first-class” stablecoin designed to serve as a cornerstone of the Hyperliquid platform. To underscore its alignment with users, half of all reserve earnings will be allocated to Hyperliquid’s Assistance Fund, while the remainder will be utilized to expand USDH adoption.
Stablecoins play a crucial role in crypto markets by providing stability and liquidity in an otherwise volatile trading environment. Hyperliquid plans to integrate USDH more deeply over the coming months, including making it a quote asset on spot markets, enabling direct minting on HyperCore, and introducing USDH-margined perpetuals through HIP-3.
Rising Competition From Aster DEX
The launch comes at a time when competition in the decentralized exchange sector is intensifying.
Aster DEX, recently endorsed by Binance founder Changpeng Zhao (CZ), has overtaken Hyperliquid in daily revenue.
Data from DeFiLlama shows Aster generated $628.5 million in the past 24 hours, compared with Hyperliquid’s $516 million. But on a weekly basis, Hyperliquid remains well ahead, logging $4.62 billion versus Aster’s $3.55 billion.
Both exchanges, however, remain well behind giants such as Uniswap and PancakeSwap, which posted daily trading volumes of $3.84 billion and $3.64 billion, respectively. Aster is also pushing new features, from cross-chain deposits on Solana to plans for its own privacy-focused layer-1 blockchain.
Why This Matters
The success of USDH will be an early test of whether Hyperliquid can hold off emerging rivals and carve out a stronger role in the crowded DEX landscape.
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People Also Ask:
Hyperliquid is a decentralized exchange (DEX) platform that allows users to trade cryptocurrencies while maintaining control over their assets. It also develops its own ecosystem, including native tokens like USDH.
USDH is Hyperliquid’s first native stablecoin, backed by cash and short-term U.S. Treasuries, designed to provide price stability and liquidity within the Hyperliquid ecosystem.
USDH is minted on HyperEVM, fully backed by regulated reserves, and complies with the GENIUS Act. Part of its reserve earnings is allocated to Hyperliquid’s Assistance Fund, supporting user initiatives and adoption.
USDH can be used as a quote asset on spot markets, for USDH-margined perpetuals via HIP-3, and will soon support direct minting on the HyperCore network.
USDH’s reserves are structured in compliance with the GENIUS Act, aligning with emerging U.S. stablecoin standards for transparency and security.
