Hyperliquid's Newly Launched USDH Stablecoin Sees Over $2M Volume in Early Trading

Core Insights - Hyperliquid launched its own stablecoin USDHL, developed by Native Markets, which generated over $2 million in early trading volume [1] - The USDH/USDC trading pair is currently valued at 1.001, with a total trading volume of 2,244,932.79 USDC [1] - The selection of Native Markets for the USDH ticker followed a competitive bidding process involving several proposals [1] Company Developments - USDH is a dollar-pegged stablecoin issued on HyperEVM, backed by cash and short-term U.S. Treasury securities [2] - The introduction of USDH aims to reduce Hyperliquid's reliance on external stablecoins, particularly USDC, which constitutes over 90% of the platform's deposits [2] Financial Strategy - The stablecoin is designed to retain liquidity and yield generated from reserves within Hyperliquid's ecosystem [3] - Revenue from USDH's reserve income will be split 50-50, with half allocated for HYPE buybacks and the other half supporting ecosystem growth initiatives [3] Market Position - Hyperliquid is recognized as the leading on-chain perpetuals decentralized exchange, controlling over 35% of global activity [4] - The platform's market share has significantly decreased from 70% in May [4]