The post USDH arrives – Can Hyperliquid’s new stablecoin shake USDC’s $6B grip? appeared on BitcoinEthereumNews.com.

Key Takeaways Who won the race for Hyperliquid’s USDH stablecoin ticker? Native Markets secured the USDH ticker, winning nearly 70% of validator votes in Hyperliquid’s first major on-chain governance process. Which firms did Native Markets beat? It outpaced bids from Paxos, BitGo, and Ethena, with prediction markets showing overwhelming support for Native Markets toward the end of the race. The race to secure the USDH stablecoin ticker on Hyperliquid [HYPE] has officially come to an end. After a week of competitive bidding, Hyperliquid’s validator community voted in favor of Native Markets, granting the firm the rights to issue and manage the exchange’s U.S. dollar stablecoin, USDH. Native Markets wins the USDH ticker Max Fiege, founder of Native Markets, took to X and noted,  “We will be deploying both the USDH HIP-1 and corresponding ERC-20 within days. We will then start with a testing phase for mints and redeems of up to $800/tx with an initial group, to be followed by the opening of the USDH/USDC spot order book as well as uncapped mints & redeems.” For the uninitiated, Native Markets moved quickly, submitting the initial proposal for USDH just 90 minutes after Hyperliquid issued the call, later refining its plan in response to community feedback. The Hyperliquid Foundation itself abstained from voting, leaving the decision entirely to validators. This contest to secure the USDH ticker marks the exchange’s first major on-chain governance vote beyond routine token listings. Other competitors Despite competition from established players like Paxos, BitGo, and Ethena [ENA], Native Markets emerged as the clear frontrunner throughout the weeklong campaign. On-chain trackers show that its proposal ultimately secured about 70% of validator votes, compared to 20% for Paxos and just 3.2% for Ethena. Most bidders had pledged to direct stablecoin yields back into the Hyperliquid ecosystem, whether through contributions…

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Filed under: News - @ September 15, 2025 8:28 am