'Hyperliquid-Aligned' USDH Native Markets Stablecoin Goes Live as HYPE Falls

Core Insights - Hyperliquid's USDH stablecoin has launched, with over $15 million pre-minted before going live [1] - Native Markets won the ticker bid, competing against established crypto companies [2] - The stablecoin is backed by cash and U.S. treasury equivalents, ensuring regulatory compliance [4] Group 1: Launch and Competition - Hyperliquid opened proposals for the USDH ticker, attracting bids from major players like Paxos and BlackRock-backed Ethena [2] - Native Markets, formed shortly before the bidding, emerged as the winner, indicating a competitive landscape for stablecoin tickers [2][5] - Despite the competition, predictions favored Native Markets to win the bid, suggesting confidence in their proposal [6] Group 2: Strategic Positioning - Native Markets plans to donate half of USDH revenues to Hyperliquid's Assistance Fund, aligning with Hyperliquid's ecosystem goals [3] - The USDH ticker will not have special privileges, yet it is viewed as a premium asset within the growing network [5] - Hyperliquid faces competition from Aster, a new decentralized exchange, but remains ahead in weekly trading volume and revenue [7]