USDH

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USDH

USDH is a native, dollar-pegged that launched on the decentralized exchange ecosystem on September 24, 2025. [17] Following a competitive bidding process, Native Markets was selected to issue the after winning an on-chain vote of the network's validators. [16]

Overview

The initiative to create USDH was driven by 's strategic goal to internalize value, enhance protocol sovereignty, and reduce security risks associated with its reliance on external, bridged stablecoins. [7] Prior to the proposal, the platform held approximately $5.9 billion in , which represented about 7.5% of the 's total supply. [8] [12] The yield generated from the U.S. Treasury reserves backing this capital flowed entirely to , the issuer of , resulting in an estimated annual revenue loss of $150 million to $220 million for the ecosystem. This phenomenon was identified as significant "value leakage." [1]

Furthermore, dependence on a centralized, permissioned asset like exposed to potential censorship and asset freezes, which conflicted with its objective of operating as a financial system. The use of bridged assets also introduced an additional layer of security risk that a native would eliminate. In response to this initiative, announced plans to deploy native on and enable its Cross-Chain Transfer Protocol (CCTP) to compete with the newly launched USDH and retain its market share. The USDH selection process has been viewed as setting a new precedent in the market, shifting the dynamic from issuers offering a product to providing a service where they must compete on value-sharing with host ecosystems. [1]

Issuer Selection Process

opted for a competitive bidding process to select the issuer for USDH, inviting established firms and new teams to submit proposals by September 10, 2025. [8] [13] The stated goal was to find a "-first, -aligned, and compliant" asset. [9] The winning proposal was determined through a transparent, on-chain, stake-weighted vote by the network's validators, which concluded on September 14, 2025. Native Markets won the bid, securing 66% of the final vote, while runner-up received 28%. [16] [1] [8] [13]

To ensure neutrality and community influence, the pledged to abstain from voting. HYPE token holders were encouraged to delegate their staked tokens to validators whose choices aligned with their preferences, thereby influencing the outcome. In a significant governance change on September 11, 2025, announced it removed its team's staked HYPE tokens from the weighting calculation for the vote. This move was intended to create a "pure governance structure," reduce insider influence, and give greater control to community token holders. The decision directly impacted the vote's dynamics, reducing the leading contender Native Markets' voting weight from 75% to 66% and increasing the possibility of winning the bid. [2] [12]

Controversy

The announcement and bidding process were met with some controversy. The Hyperstable protocol, an existing project on , called the process "unfair." A representative for the project claimed that the USDH ticker had previously been blacklisted by the , forcing their team to use the USH ticker instead. They argued that changing this policy after other projects had already launched was shifting the goalposts. [9]

Suspicions of foul play were also raised regarding the Native Markets proposal. Some community members noted that the proposal was submitted just over an hour after the official announcement, yet was long and thoughtfully written, suggesting the team may have been given a "heads-up." Further scrutiny revealed that the Native Markets deployer address was funded by a newly created wallet that had itself been funded only five hours before the announcement, leading to questions about the team's independence from the . [9] co-founder Haseeb Qureshi called the process "a bit of a farce," arguing that it appeared insiders had already determined that Native Markets would win. Lilian Aliaga, COO of OAK Research, also suggested "bias is at play" when questioning how a newcomer like Native Markets could so quickly garner a majority of support. [12]

Competing Proposals

Eight teams initially submitted proposals to issue USDH, with a key differentiator being the revenue-sharing model. Most bidders pledged to return a significant of the yield generated from reserves to the ecosystem, primarily through buybacks of the native HYPE token. [12]

Paxos

, a prominent issuer supported by PayPal, submitted a proposal on September 7, 2025, for a fiat-collateralized USDH. The initiative is led by its recently formed Labs entity, which acquired infrastructure firm Molecular Labs—the developer behind primitives LHYPE and WHLP—to deepen its understanding of the ecosystem's on-chain architecture. The would be backed by U.S. T-bills and repurchase agreements. The company pledged to direct 95% of the interest generated from reserves toward HYPE buybacks, redistributing the value to users, validators, and partner protocols, with no take-rate until the total value locked (TVL) reached $1 billion. The proposal highlighted that its would be compliant with emerging regulations like the U.S. GENIUS Act and the EU's MiCA framework, aiming to bridge to global banking and make it more attractive to institutional and fintech platforms. It would be deployed natively on both HyperEVM and HyperCore. also committed to a zero-fee transition from to USDH and planned to add support for HYPE within its brokerage infrastructure, which powers platforms like PayPal, Venmo, and Interactive Brokers. As part of its bid, also announced an offer from the exchange to list both USDH and HYPE if its proposal were selected, which would provide users with a free on-ramp and off-ramp. [1] [3] [8] [11] [14]

Ethena Labs

Labs, which issues the USDe , initially hinted at submitting a bid. The firm later proposed a synthetic dollar model for USDH, to be backed by , a tokenized security linked to BlackRock’s (BlackRock USD Institutional Digital Liquidity) fund, with support from partners Anchorage Digital and Securitize. The proposal included returning 95% of the net revenue to the community, committing a minimum of $75 million in incentives, and covering all costs associated with migrating liquidity from . Despite being considered a strong contender by some market analysts, Labs officially withdrew its bid on September 11, 2025. The decision was made in response to community and feedback that questioned the firm's positioning within the ecosystem and expressed a preference for a native team. Concerns were also raised that Labs, which operates multiple products, had broader ambitions that might not remain fully aligned with Hyperliquid's interests. Founder acknowledged the community's sentiment and praised the process, stating, "It is a playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding." Following the announcement, Native Markets became the clear favorite to win the issuance contract, according to prediction markets. [8] [15] [3] [4] [6] [12]

Sky (formerly MakerDAO)

, the protocol behind the and () stablecoins, proposed an overcollateralized USDH backed by a mix of crypto and real-world assets. In a departure from the buyback model, offered to provide a direct yield of 4.85% to all USDH holders on the platform. The proposal also included a $25 million grant to fund a project dedicated to growing the DeFi ecosystem on . Co-founder stated that the would be "natively " through an integration with the protocol and could be customized by the community to comply with U.S. regulations. [5] [1]

Agora

, a firm co-founded by Nick van Eck, proposed a fiat-collateralized backed by cash and short-term U.S. Treasurys held in a administered by State Street and VanEck. The proposal was structured as a coalition effort involving partners such as investment firm VanEck, crypto fintech company , on/off-ramp provider Rain, and interoperability protocol . pledged to channel 100% of the net revenue generated from reserves back into the ecosystem through HYPE buybacks or contributions to the platform's Assistance Fund. The firm positioned itself as a neutral partner with no competing Layer 1 interests, a point van Eck used to argue against the Stripe-linked Native Markets proposal. [10] [8] [14]

Native Markets

Native Markets, a team founded by community advocate Max Fiege and including former Uniswap Labs President MC Lader and researcher Anish Agnihotri, was the first to submit a proposal and was considered a frontrunner, particularly after Ethena's withdrawal. The proposal outlined a -compliant, fiat-collateralized USDH issued via Stripe’s "Bridge" payment processor. The reserves, consisting of cash and Treasuries, would be overseen by BlackRock and . The revenue model proposed using 50% of the interest earned on assets to buy back the HYPE token, with the other 50% set aside to fund USDH growth. [1] [3] [8] [14]

Frax Finance

, a DeFi-native protocol, proposed a fiat-collateralized model for USDH based on its , which is backed by BlackRock's fund. The proposal did not specify a concrete revenue-sharing plan but suggested that interest earned on assets could be used to boost HYPE yield, conduct HYPE token buybacks, or fund rebates for active traders and rewards for USDH holders. The bid emphasized 's existing infrastructure via FraxNet, which would provide immediate interoperability for USDH, and framed the proposal as "community-first." [1] [8] [14]

Launch and Early Activity

The USDH officially went live on the on September 24, 2025. [17] [18] The launch introduced a USDH/USDC spot market on the exchange's HyperCore network. [19] In the initial hours of trading, the saw significant activity, with trading volumes surpassing $2.2 million. [20] [17] According to issuer Native Markets, over $15 million worth of USDH was pre-minted in the 24 hours leading up to the launch. [18]

Market Impact and Reception

The competitive bidding process for USDH had a notable impact on the market, particularly on Hyperliquid's native token, HYPE. The focus of most proposals on using yield for HYPE buybacks contributed to the token's price reaching repeated all-time highs in the period leading up to the vote. The initiative was widely seen as a direct challenge to the dominance of Circle's , with a successful migration potentially removing over $5 billion of from circulation. [1]

The vote also attracted attention from prominent figures in the crypto industry. , co-founder of Maelstrom, was observed making significant purchases of Ethena's token ahead of the firm's withdrawal, acquiring nearly $1 million worth of the token in the week of the vote. While some interpreted this as an endorsement, others suggested it was a personal investment strategy. According to prediction market Polymarket, Native Markets was heavily favored to win the bid, with bettors giving the startup around 92% odds as of September 11, 2025. Data showed Native Markets holding over 30% of the delegated stake, with the next-largest contender, , holding 7.6%. [3] [12]

Risks and Considerations

The launch of USDH and the selection of its issuer present several risks and considerations. A primary challenge is the technical complexity and user adoption hurdles associated with migrating billions of dollars in liquidity from to a new asset, which could lead to liquidity fragmentation. The evolving global regulatory landscape for stablecoins, including the in the U.S. and MiCA in Europe, could also impact the long-term viability of the chosen USDH model. [1]

Concentrating issuance with a single entity creates a potential point of failure, and the community has expressed concerns over misaligned incentives. For instance, resistance to the Native Markets proposal emerged due to its partner Stripe's development of a competing Layer 1 , . [8] [10] Additionally, some governance participants warned that Native Markets' reliance on Stripe's Bridge for issuance could present a single point of failure. [14] Several bidders have also faced historical controversies that were noted during the selection process. previously received a Wells notice from the SEC regarding BUSD; (as ) experienced failures during a 2020 market crash and faced criticism over governance centralization; Ethena's synthetic model drew comparisons to the failed Terra/UST project; and Frax's earlier algorithmic models were known for volatility. [1]

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