USDH Stablecoin Goes Live on Hyperliquid with $2.2M Early Trading Volume – Can it Replace Tether?

Hyperliquid’s native stablecoin, USDH, launched on September 23 with $2.2 million in early trading volume. The launch follows Native Markets’ victory in a competitive governance vote that saw the startup defeat established players, including Paxos and Ethena Labs, for the right to issue USDH on the decentralized exchange. Trading commenced with a USDH/USDC spot pair on HyperCore, while Native Markets reported over $15 million in pre-minted tokens prepared for initial distribution. The stablecoin maintai ...