Native Markets Wins USDH Ticker in Key Hyperliquid Vote

- Native Markets secures USDH ticker in key governance vote - USDH stablecoin rollout to challenge USDC dominance on Hyperliquid On September 15, 2025, Native Markets secured the coveted USDH ticker on the Hyperliquid network through a landmark on-chain governance vote. The proposal attracted competitive bids from industry heavyweights such as Paxos, BitGo, and Ethena, but Native Markets achieved a decisive victory. This vote marks Hyperliquid's first major governance decision beyond routine listing matters. Native Markets revealed plans for a phased rollout of its USDH stablecoin. The process will begin with a testing phase for mints and redemptions, which is expected to launch within days, and broader access will follow successful testing. Furthermore, USDH’s reserves integrate both on-chain and off-chain assets; BlackRock will oversee the off-chain portion, while the blockchain-focused Superstate manages the on-chain reserves. This launch pits USDH directly against Circle’s USDC, which commands approximately $6 billion in reserves on Hyperliquid. As a result, USDC, one of the ecosystem’s dominant stablecoins, now faces new competition. Native Markets will leverage its partnerships with reputable industry leaders to drive USDH adoption. Max Fiege, Anish Agnihotri, and MC Lader co-founded Native Markets. Fiege is an early Hyperliquid investor, Agnihotri is a blockchain researcher, and Lader is the former COO of Uniswap Labs. The team’s established industry credibility and connections add weight to their strategy for USDH’s adoption. Market data from September 15 at 00:13 UTC shows several price movements. Circle’s USDC is trading at $1, and its 24-hour trading volume has changed by 0.018%. Meanwhile, Hyperliquid’s native token (HYPE) trades at $53.87, with its 24-hour trading volume decreasing by 1.597%. Ethena USDe (USDe) holds steady at $1.001, while its 24-hour trading volume has declined by 0.008%.