USDH – Milestones
Key milestones and important events in USDH's history.
Showing 6 milestones for USDH
USDH Stablecoin Goes Live
The USDH stablecoin officially launched on the Hyperliquid mainnet on September 24, 2025, seeing over $2 million in trading volume within the first few hours.
Native Markets Wins USDH Bid
Native Markets officially won the bid to issue the USDH stablecoin after securing 66% of the final validator vote, with Paxos as the runner-up.
Ethena Labs Withdraws Bid
Ethena Labs, a leading contender, withdrew its proposal to issue USDH on September 11, 2025, citing community feedback and a preference for a Hyperliquid-native team.
Governance Rules Changed for Vote
Hyperliquid removed its team's staked HYPE tokens from validator weighting to ensure a 'pure governance structure' for the USDH issuer vote.
Issuer Selection Vote Begins
An on-chain, stake-weighted vote by Hyperliquid network validators began on September 11, 2025, to select the official issuer for USDH from the competing proposals.
USDH Initiative Announced
Hyperliquid announced a call for proposals to develop USDH, a native stablecoin for its ecosystem, initiating a competitive bidding process.