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Hyperliquid announced a call for proposals to develop USDH, a native stablecoin for its ecosystem, initiating a competitive bidding process.

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.

Hyperliquid removed its team's staked HYPE tokens from validator weighting to ensure a 'pure governance structure' for the USDH issuer vote.

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.

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.