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Native Markets was established to bid for the issuance of USDH, Hyperliquid's native stablecoin, creating its public-facing X (Twitter) account in September 2025.

Native Markets officially won the community vote to build and issue USDH for the Hyperliquid exchange, securing a two-thirds majority against competitors on September 14, 2025.

Native Markets launched the USDH stablecoin on the Hyperliquid exchange's HyperEVM network on September 24, 2025, with the first trading pair being USDH/USDC.

Native Markets partnered with Across Protocol to enable slippage-free, 1:1 on-ramps for swapping USDC to USDH directly on the Hyperliquid blockchain.