Hyperliquid’s USDH Stablecoin Launches Amid Rising Competition in DEX Market

Group 1 - Hyperliquid has launched USDH, a native stablecoin aimed at enhancing its decentralized exchange ecosystem [1][2] - USDH is now available for trading against HYPE and USDC, with 200,000 HYPE locked for three years to support liquidity [2][3] - The stablecoin is backed by cash and short-term US Treasuries, with reserves managed through off-chain holdings and on-chain transparency tools [3][4] Group 2 - Hyperliquid faces increasing competition from rival exchange Aster, which has recently surpassed Hyperliquid in trading activity [5][6] - Despite Aster's recent success, Hyperliquid remains larger on a 30-day volume basis, but analysts warn of potential narrowing of this lead due to an upcoming token unlock [6][7] - The impending unlock of approximately 237.8 million HYPE tokens, valued at about $12 billion, could significantly affect market performance [6][7]