{"id":"usdh","title":"USDH","content":"**USDH** is a native, dollar-pegged [stablecoin](https://iq.wiki/wiki/stablecoin) that launched on the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange) ecosystem on September 24, 2025. [\\[12\\]](#cite-id-VEl6WrAjT7) [\\[15\\]](#cite-id-7hBdQ9d3p4) The stablecoin was created to internalize yield revenue for the Hyperliquid ecosystem, enhance protocol sovereignty, and reduce reliance on external, bridged stablecoins. Following a competitive bidding process, Native Markets was selected to issue the stablecoin after winning an on-chain vote of the network's validators that concluded on September 14, 2025. [\\[11\\]](#cite-id-3qYMQRb0RD) [\\[16\\]](#cite-id-J5INlvYa74G9vtmW)​\n\nUSDH is a fiat-collateralized stablecoin backed by cash and U.S. Treasury equivalents. Its hybrid reserve model uses BlackRock to manage off-chain assets and [Superstate](https://iq.wiki/wiki/superstate) for on-chain tokenization of the reserves. [\\[16\\]](#cite-id-J5INlvYa74G9vtmW) [\\[17\\]](#cite-id-sBpFnp0nYuFdacEN) Issuance and compliance are handled via Stripe’s \"[Bridge](https://iq.wiki/wiki/bridge)\" payment processor. Native Markets directs 50% of the reserve yield to HYPE token buybacks and allocates the remaining 50% to ecosystem growth initiatives. [\\[1\\]](#cite-id-07V9qI7Qyp) [\\[10\\]](#cite-id-flf2qlv25N)​\n\n[YOUTUBE@VID](https://youtube.com/watch?v=3P-4jDm9acU)\n\n## Overview\n\nThe initiative to create USDH was driven by [Hyperliquid](https://iq.wiki/wiki/hyperliquid)'s strategic goal to internalize value, enhance protocol sovereignty, and reduce security risks associated with its reliance on external, bridged [stablecoins](https://iq.wiki/wiki/stablecoin). [\\[6\\]](#cite-id-daovTEqdPh) Prior to the proposal, the Hyperliquid platform held approximately 150 million to $220 million for the Hyperliquid ecosystem. This phenomenon was identified as significant \"value leakage.\" [\\[1\\]](#cite-id-07V9qI7Qyp) [\\[19\\]](#cite-id-TdizXIOnMWQ20Is8)​\n\nFurthermore, dependence on a centralized, permissioned asset like [USDC](https://iq.wiki/wiki/usdc) exposed [Hyperliquid](https://iq.wiki/wiki/hyperliquid) to potential censorship and asset freezes, which conflicted with its objective of operating as a [permissionless](https://iq.wiki/wiki/permissionless) financial system. The use of bridged assets also introduced an additional layer of security risk that a native [stablecoin](https://iq.wiki/wiki/stablecoin) would eliminate. [\\[17\\]](#cite-id-sBpFnp0nYuFdacEN) In response to this initiative, [Circle](https://iq.wiki/wiki/circle) announced plans to deploy native USDC on Hyperliquid 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 stablecoin market, shifting the dynamic from issuers offering a product to providing a service where they must compete on value-sharing with host ecosystems. [\\[1\\]](#cite-id-07V9qI7Qyp)​\n\n## Issuer Selection Process\n\n​[Hyperliquid](https://iq.wiki/wiki/hyperliquid) opted for a competitive bidding process to select the issuer for USDH, inviting established [stablecoin](https://iq.wiki/wiki/stablecoin) firms and new teams to submit proposals by September 10, 2025. [\\[7\\]](#cite-id-TQiTUI7Juf) The stated goal was to find a \"Hyperliquid-first, Hyperliquid-aligned, and compliant\" asset. [\\[8\\]](#cite-id-MstjZZi5op) [Validator](https://iq.wiki/wiki/validator) priorities coalesced around three key themes: native issuance on Hyperliquid's chains, transparent and enforceable revenue sharing, and protocol sovereignty over reliance on a single regulated entity. [\\[19\\]](#cite-id-TdizXIOnMWQ20Is8)​\n\nThe winning proposal was determined through a transparent, on-chain, stake-weighted vote by the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) network's validators, which concluded on September 14, 2025, and required a two-thirds supermajority for approval. [\\[17\\]](#cite-id-sBpFnp0nYuFdacEN) Native Markets won the bid, securing over 66% of the final vote, while runner-up [Paxos](https://iq.wiki/wiki/paxos) received 28%. [\\[11\\]](#cite-id-3qYMQRb0RD) [\\[16\\]](#cite-id-J5INlvYa74G9vtmW) The community's choice of Native Markets, despite its 50% revenue share proposal being less generous than offers from competitors, signaled a preference for perceived ecosystem alignment and agility over maximizing direct revenue. [\\[16\\]](#cite-id-J5INlvYa74G9vtmW)​\n\nTo ensure neutrality and community influence, the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) Foundation pledged to \"effectively abstain by voting for the team with the most non-Foundation votes.\" [\\[18\\]](#cite-id-7Ar5VE6AJjfzblOA) In a significant governance change on September 11, 2025, Hyperliquid announced it removed its team's staked HYPE tokens from the [validator](https://iq.wiki/wiki/validator) 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 [Paxos](https://iq.wiki/wiki/paxos) winning the bid. [\\[2\\]](#cite-id-4FEOZhYy66) [\\[9\\]](#cite-id-1riBrBYzyc)​\n\n### Controversy\n\nThe announcement and bidding process were met with some controversy. The Hyperstable protocol, an existing [stablecoin](https://iq.wiki/wiki/stablecoin) project on [Hyperliquid](https://iq.wiki/wiki/hyperliquid), called the process \"unfair.\" A representative for the project claimed that the USDH ticker had previously been blacklisted by the Hyperliquid Foundation, 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. [\\[8\\]](#cite-id-MstjZZi5op)​\n\nSuspicions 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.\" [\\[8\\]](#cite-id-MstjZZi5op) 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. [\\[19\\]](#cite-id-TdizXIOnMWQ20Is8) [Dragonfly](https://iq.wiki/wiki/dragonfly) co-founder [Haseeb Qureshi](https://iq.wiki/wiki/haseeb-qureshi) called the process \"a bit of a farce\" and alleged it was \"fixed from the start,\" suggesting that it appeared insiders had already determined that Native Markets would win. [\\[9\\]](#cite-id-1riBrBYzyc) [\\[19\\]](#cite-id-TdizXIOnMWQ20Is8) 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 [validator](https://iq.wiki/wiki/validator) support. In defense of the process, [Ethena](https://iq.wiki/wiki/ethena) Labs founder [Guy Young](https://iq.wiki/wiki/guy-young), whose firm withdrew from the race, praised it as a \"level playing field where emergent players can win the hearts of the community.\" [\\[18\\]](#cite-id-7Ar5VE6AJjfzblOA)​\n\n## Competing Proposals\n\nEight teams initially submitted proposals to issue USDH, with a key differentiator being the revenue-sharing model. Most bidders pledged to return a significant portion of the yield generated from [stablecoin](https://iq.wiki/wiki/stablecoin) reserves to the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) ecosystem, primarily through buybacks of the native HYPE token. [\\[9\\]](#cite-id-1riBrBYzyc)​\n\n### Native Markets\n\nNative Markets, a team founded by community advocate Max Fiege, former Uniswap Labs President MC Lader, and [blockchain](https://iq.wiki/wiki/blockchain) researcher Anish Agnihotri, was the first to submit a proposal and was considered a frontrunner throughout the process. [\\[18\\]](#cite-id-7Ar5VE6AJjfzblOA) The proposal outlined a [GENIUS](https://iq.wiki/wiki/genius-act)-compliant, fiat-collateralized USDH issued via Stripe’s \"[Bridge](https://iq.wiki/wiki/bridge)\" payment processor. The reserves, consisting of cash and Treasuries, would be overseen by BlackRock and [Superstate](https://iq.wiki/wiki/superstate). The revenue model proposed using 50% of the interest earned on [reserve](https://iq.wiki/wiki/reserve) assets to buy back the HYPE token, with the other 50% set aside to fund USDH growth. [\\[1\\]](#cite-id-07V9qI7Qyp) [\\[7\\]](#cite-id-TQiTUI7Juf)​\n\n### Paxos\n\n​[Paxos](https://iq.wiki/wiki/paxos), a prominent stablecoin issuer supported by PayPal, submitted a proposal on September 7, 2025, for a fiat-collateralized USDH. The initiative was led by its recently formed Paxos Labs entity. The [stablecoin](https://iq.wiki/wiki/stablecoin) 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. The proposal highlighted that its [stablecoin](https://iq.wiki/wiki/stablecoin) would be compliant with emerging regulations like the U.S. GENIUS Act and the EU's MiCA framework, emphasizing its strong regulatory standing via its NYDFS trust charter. [\\[19\\]](#cite-id-TdizXIOnMWQ20Is8) As part of its bid, [Paxos](https://iq.wiki/wiki/paxos) also announced an offer from the [Kraken](https://iq.wiki/wiki/kraken) exchange to list both USDH and HYPE if its proposal were selected. [\\[1\\]](#cite-id-07V9qI7Qyp) [\\[7\\]](#cite-id-TQiTUI7Juf)​\n\n### Ethena Labs\n\n​[Ethena](https://iq.wiki/wiki/ethena) Labs proposed a synthetic dollar model for USDH, to be backed by [USDtb](https://iq.wiki/wiki/usdtb), a tokenized security linked to BlackRock’s [BUIDL](https://iq.wiki/wiki/buidl) fund, with support from partners Anchorage Digital and [Securitize](https://iq.wiki/wiki/securitize). The proposal included returning 95% of the net revenue to the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) community and committing a minimum of $75 million in incentives. Despite being considered a strong contender by some market analysts, Ethena Labs officially withdrew its bid on September 11, 2025. The decision was made in response to community and [validator](https://iq.wiki/wiki/validator) feedback that questioned the firm's positioning within the ecosystem and expressed a preference for a native Hyperliquid team. [\\[3\\]](#cite-id-LQ3DSpCgiX) [\\[5\\]](#cite-id-KeCGGkKKU3)​\n\n### Sky (formerly MakerDAO)\n\n​[Sky](https://iq.wiki/wiki/sky), the protocol behind the [USDS](https://iq.wiki/wiki/usds) and [Dai](https://iq.wiki/wiki/dai) ([DAI](https://iq.wiki/wiki/dai)) stablecoins, proposed an overcollateralized USDH backed by a mix of crypto and real-world assets. In a departure from the buyback model, Sky offered to provide a direct yield of 4.85% to all USDH holders. The bid was hampered, however, as its core protocol resides on [Ethereum](https://iq.wiki/wiki/ethereum), which conflicted with the strong validator priority for a natively issued asset on [Hyperliquid](https://iq.wiki/wiki/hyperliquid). [\\[4\\]](#cite-id-mPgFEgo1Ir) [\\[19\\]](#cite-id-TdizXIOnMWQ20Is8)​\n\n### Agora\n\n​[Agora](https://iq.wiki/wiki/agora), a firm co-founded by [Nick van Eck](https://iq.wiki/wiki/nick-van-eck), proposed a fiat-collateralized [stablecoin](https://iq.wiki/wiki/stablecoin) backed by cash and short-term U.S. Treasurys. Agora pledged to channel 100% of the net revenue generated from reserves back into the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) 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](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain) interests. [\\[18\\]](#cite-id-7Ar5VE6AJjfzblOA) [\\[10\\]](#cite-id-flf2qlv25N)​\n\n### Frax Finance\n\n​[Frax Finance](https://iq.wiki/wiki/frax-finance), a DeFi-native [stablecoin](https://iq.wiki/wiki/stablecoin) protocol, proposed a fiat-collateralized model for USDH based on its [frxUSD](https://iq.wiki/wiki/frxusd) [stablecoin](https://iq.wiki/wiki/stablecoin). After initial community feedback, the team pivoted to commit to native issuance on HyperEVM. The proposal suggested that interest earned on [reserve](https://iq.wiki/wiki/reserve) assets could be used to boost HYPE [staking](https://iq.wiki/wiki/staking) yield or conduct HYPE token buybacks. [\\[1\\]](#cite-id-07V9qI7Qyp) [\\[19\\]](#cite-id-TdizXIOnMWQ20Is8)​\n\n## Launch and Market Performance\n\nThe USDH [stablecoin](https://iq.wiki/wiki/stablecoin) officially went live on the [Hyperliquid](https://iq.wiki/wiki/mainnet) [mainnet](https://iq.wiki/wiki/mainnet) on September 24, 2025. [\\[12\\]](#cite-id-VEl6WrAjT7) The launch was conducted in phases, beginning with a closed testing period with an $800 transaction cap before a full public release. [\\[17\\]](#cite-id-sBpFnp0nYuFdacEN) A USDH/USDC spot market was introduced on the exchange's HyperCore network to bootstrap liquidity and facilitate conversion from the incumbent [stablecoin](https://iq.wiki/wiki/stablecoin). [\\[14\\]](#cite-id-t4R0u5iYLD)​\n\nIn the initial hours of trading, the [stablecoin](https://iq.wiki/wiki/stablecoin) saw significant activity, with trading volumes surpassing 15 million worth of USDH was pre-minted in the 24 hours leading up to the launch. [\\[13\\]](#cite-id-Hq1Iix6pwC)​\n\nBy late November 2025, USDH demonstrated stable performance, consistently trading around its 0.995 and an all-time high of 7 million and $9 million. [\\[20\\]](#cite-id-vi2K4vuuBhfoZejA)​\n\n## Market Impact and Reception\n\nThe competitive bidding process for USDH had a notable impact on the market, particularly on [Hyperliquid's](https://iq.wiki/wiki/hyperliquid) native token, HYPE. The focus of most proposals on using [reserve](https://iq.wiki/wiki/reserve) yield for HYPE buybacks contributed to the token's price reaching repeated all-time highs, including a peak price of 5 billion of [USDC](https://iq.wiki/wiki/usdc) from circulation.\n\nAccording to prediction market Polymarket, Native Markets was heavily favored to win the bid, with bettors giving the startup around 92% odds as of September 12, 2025. [\\[18\\]](#cite-id-7Ar5VE6AJjfzblOA) Data from before the vote showed Native Markets holding over 30% of the delegated stake, with the next-largest contender, [Paxos](https://iq.wiki/wiki/paxos), holding 7.6%. [\\[9\\]](#cite-id-1riBrBYzyc)​","summary":"USDH is a native, dollar-pegged  stablecoin  that launched on the  Hyperliquid  decentralized exchange ecosystem on September 24, 2025.  ","images":[{"id":"QmPMBPGmgpFc7JRLRGPE9p6BjisKDzstvVRv8cMgF3LSnQ","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"tags":[{"id":"Stablecoins"}],"media":[{"id":"QmV3HTCF1smKEuJvYBhAvVFEwgz4XqJKJHoG5VAU9XGyXD","size":null,"name":null,"type":"GALLERY","source":"IPFS_IMG"},{"id":"https://www.youtube.com/watch?v=3P-4jDm9acU","size":null,"name":"3P-4jDm9acU","type":null,"source":"YOUTUBE"},{"id":"QmPg8UYTy6M2JSfAakKapFn1fXju3WHoVQtQJYMoynad9B","size":null,"name":"Cópia de Design sem nome (2).png","type":null,"source":"IPFS_IMG"},{"id":"QmcwUQjxBu6EZdJ6vnn4ZmzcfpvSdaJFCR9pcvh7iWxYnW","size":null,"name":"Cópia de Design sem nome (4).png","type":null,"source":"IPFS_IMG"}],"metadata":[{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/usdh-2"},{"id":"hyperliquid","value":"https://app.hyperliquid.xyz/explorer/token/0x54e00a5988577cb0b0c9ab0cb6ef7f4b"},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/hyperliquid-usd/"},{"id":"references","value":"[{\"id\":\"07V9qI7Qyp\",\"url\":\"https://www.coingecko.com/learn/what-is-usdh-hyperliquid-native-stablecoin\",\"description\":\"Analysis of USDH's purpose and value capture\",\"timestamp\":1757649924494},{\"id\":\"4FEOZhYy66\",\"url\":\"https://cryptobriefing.com/hyperliquid-governance-usdh-vote/\",\"description\":\"Report on Hyperliquid's governance change\",\"timestamp\":1757649924494},{\"id\":\"LQ3DSpCgiX\",\"url\":\"https://cryptoslate.com/ethena-labs-drops-out-of-hyperliquids-usdh-stablecoin-bid-citing-ecosystem-concerns/\",\"description\":\"Ethena Labs' withdrawal announcement\",\"timestamp\":1757649924494},{\"id\":\"mPgFEgo1Ir\",\"url\":\"https://cointelegraph.com/news/sky-bidding-war-launch-hyperliquid-usdh-stablecoin\",\"description\":\"Details of Sky's proposal for USDH\",\"timestamp\":1757649924494},{\"id\":\"KeCGGkKKU3\",\"url\":\"https://bloomingbit.io/en/feed/news/96737\",\"description\":\"Confirmation of Ethena's withdrawal and market sentiment\",\"timestamp\":1757649924494},{\"id\":\"daovTEqdPh\",\"url\":\"https://www.coindesk.com/tech/2025/09/05/hyperliquid-moves-forward-to-launch-proprietary-stablecoin\",\"description\":\"Hyperliquid's move to launch its own stablecoin\",\"timestamp\":1757650168345},{\"id\":\"TQiTUI7Juf\",\"url\":\"https://www.theblock.co/post/369720/paxos-frax-and-agora-fight-for-hyperliquids-stablecoin-contract-with-more-bids-likely-incoming\",\"description\":\"Report on stablecoin bids for Hyperliquid\",\"timestamp\":1757650168345},{\"id\":\"MstjZZi5op\",\"url\":\"https://decrypt.co/338313/hyperliquid-seeks-proposals-launch-usdh-stablecoin-foul-play\",\"description\":\"Report on Hyperliquid's USDH proposal announcement\",\"timestamp\":1757650168345},{\"id\":\"1riBrBYzyc\",\"url\":\"https://www.theblock.co/post/370393/native-markets-heavily-favored-polymarket-hyperliquids-usdh-stablecoin\",\"description\":\"Native Markets favored to win bid\",\"timestamp\":1757650613895},{\"id\":\"flf2qlv25N\",\"url\":\"https://www.dlnews.com/articles/defi/paxos-frax-agora-and-native-markets-compete-to-build-usdh-stablecoin/\",\"description\":\"Meet the bidders for Hyperliquid's USDH\",\"timestamp\":1757650613895},{\"id\":\"3qYMQRb0RD\",\"url\":\"https://cointelegraph.com/news/native-markets-claims-hyperliquid-usdh-ticker\",\"description\":\"Native Markets claims USDH ticker after vote\",\"timestamp\":1757905598440},{\"id\":\"VEl6WrAjT7\",\"url\":\"https://www.cryptopolitan.com/hyperliquidstablecoin-usdh-goes-live/\",\"description\":\"Hyperliquid’s home-grown stablecoin USDH goes live\",\"timestamp\":1758722385443},{\"id\":\"Hq1Iix6pwC\",\"url\":\"https://coincentral.com/hyperliquid-launches-usdh-stablecoin-as-aster-dex-leads-in-revenue/\",\"description\":\"Hyperliquid Launches USDH Stablecoin\",\"timestamp\":1758722385443},{\"id\":\"t4R0u5iYLD\",\"url\":\"https://www.theblock.co/post/372128/hyperliquids-home-grown-stablecoin-usdh-goes-live-after-native-markets-winning-bid\",\"description\":\"Hyperliquid’s home-grown stablecoin USDH goes live after Native Markets winning bid\",\"timestamp\":1758722385443},{\"id\":\"7hBdQ9d3p4\",\"url\":\"https://www.coindesk.com/markets/2025/09/24/hyperliquid-s-newly-launched-usdh-stablecoin-sees-over-usd2m-volume-in-early-trading\",\"description\":\"Hyperliquid's Newly Launched USDH Stablecoin Sees Over $2M Volume\",\"timestamp\":1758722385443},{\"id\":\"J5INlvYa74G9vtmW\",\"url\":\"https://thedefiant.io/news/defi/native-markets-wins-usdh-stablecoin-race-on-hyperliquid\",\"description\":\"Native Markets Wins USDH Stablecoin Race on Hyperliquid\",\"timestamp\":1764798611472},{\"id\":\"sBpFnp0nYuFdacEN\",\"url\":\"https://medium.com/@gwrx2005/usdh-the-native-stablecoin-of-hyperliquid-a-comprehensive-analysis-5809b3be618b\",\"description\":\"USDH, The Native Stablecoin of Hyperliquid: A Comprehensive Analysis\",\"timestamp\":1764798611472},{\"id\":\"7Ar5VE6AJjfzblOA\",\"url\":\"https://coinmarketcap.com/academy/article/native-markets-leads-race-for-hyperliquids-dollar59b-stablecoin\",\"description\":\"Native Markets Leads Race for Hyperliquid's $5.9B Stablecoin\",\"timestamp\":1764798611472},{\"id\":\"TdizXIOnMWQ20Is8\",\"url\":\"https://blockworks.co/news/native-markets-leads-usdh-race\",\"description\":\"Native Markets Leads Hyperliquid’s USDH Race\",\"timestamp\":1764798611472},{\"id\":\"vi2K4vuuBhfoZejA\",\"url\":\"https://ts2.tech/en/hyperliquid-usd-hypeusd-price-today-and-forecast-after-the-314m-token-unlock/\",\"description\":\"Hyperliquid USD (HYPEUSD) Price Today and Forecast\",\"timestamp\":1764798611472}]"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmaVJmcJdC34MBJdNuJFkpnsyFYeYWze5BMpKmoQtqzNiT\""},{"id":"commit-message","value":"\"Removed USDH stablecoin section\""},{"id":"previous_cid","value":"QmaVJmcJdC34MBJdNuJFkpnsyFYeYWze5BMpKmoQtqzNiT"}],"events":[{"id":"6a8ea575-2401-4641-97e4-42bcc7c8292a","date":"2025-09-01","title":"USDH Initiative Announced","type":"CREATED","description":"Hyperliquid announced a call for proposals to develop USDH, a native stablecoin for its ecosystem, initiating a competitive bidding process.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"a4c92822-31c5-4bf0-93c5-c7662f957fe5","date":"2025-09-01","title":"Issuer Selection Vote Begins","type":"DEFAULT","description":"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.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"6c574f74-627d-45cf-8ef9-96133b300e85","date":"2025-09-01","title":"Governance Rules Changed for Vote","type":"DEFAULT","description":"Hyperliquid removed its team's staked HYPE tokens from validator weighting to ensure a 'pure governance structure' for the USDH issuer vote.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"c9e1d5e0-1080-46dc-896a-1d304553c999","date":"2025-09-01","title":"Ethena Labs Withdraws Bid","type":"DEFAULT","description":"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.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"2ff00474-c763-4d61-8fb5-e8d32a3adb3e","date":"2025-09-01","title":"Native Markets Wins USDH Bid","type":"DEFAULT","description":"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.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"52dde0c5-b5a5-4017-811e-9bd40e2b7a6d","date":"2025-09-01","title":"USDH Stablecoin Goes Live","type":"DEFAULT","description":"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.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889"},"operator":{"id":"0xd5893989b9952c6568a99F854795AcC5Ae480D56"},"language":"en","version":1,"linkedWikis":{"blockchains":["hyperliquid"],"founders":["native-markets"],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"05bcc302-da5e-4118-9472-e8ac309f6ef0\",\"title\":\"USDH\",\"description\":\"USDH is a native, dollar-pegged  stablecoin  that launched on the  Hyperliquid  decentralized exchange ecosystem on September 24, 2025.  \",\"timestamp\":\"2025-11-24T03:29:21.255Z\",\"category\":\"Wiki Update\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889\",\"address\":\"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Summary\",\"subtitle\":\"The summary was rewritten to reflect that USDH has officially launched.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated the summary from describing a planned stablecoin to stating it launched on the Hyperliquid decentralized exchange on September 24, 2025.\"]},{\"title\":\"Introduction\",\"subtitle\":\"Expanded the introduction with details on the purpose, backing, and revenue model of USDH.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Added information that the stablecoin was created to internalize yield revenue, enhance protocol sovereignty, and reduce reliance on external stablecoins.\",\"Added details that USDH is a fiat-collateralized stablecoin backed by cash and U.S. Treasury equivalents, issued via Stripe's \\\"Bridge\\\" processor, and overseen by BlackRock and Superstate.\",\"Added that Native Markets directs 50% of the reserve yield to HYPE token buybacks and allocates the other 50% to ecosystem growth. [\\\\\\\\[1\\\\\\\\]](#cite-id-07V9qI7Qyp) [\\\\\\\\[14\\\\\\\\]](#cite-id-flf2qlv25N)\"]},{\"title\":\"Ethena Labs\",\"subtitle\":\"A link in the Ethena Labs section was updated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated link from an empty link for 'Securitize' to '[Securitize](https://iq.wiki/wiki/securitize)'.\"]},{\"title\":\"Agora\",\"subtitle\":\"A link in the Agora section was updated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated link from 'Nick van Eck' to '[Nick van Eck](https://iq.wiki/wiki/nick-van-eck)'.\"]},{\"title\":\"Native Markets\",\"subtitle\":\"A link in the Native Markets section was updated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated link from '\\\"Bridge\\\"' to '\\\"[Bridge](https://iq.wiki/wiki/bridge)\\\"'.\"]},{\"title\":\"Frax Finance\",\"subtitle\":\"A link in the Frax Finance section was updated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated link from 'FraxNet' to '[FraxNet](https://iq.wiki/wiki/fraxnet)'.\"]},{\"title\":\"Market Impact and Reception\",\"subtitle\":\"Added a specific peak price for the HYPE token.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added that the HYPE token's price reached a peak of $57.30.\"]},{\"title\":\"Risks and Considerations\",\"subtitle\":\"A link in the Risks and Considerations section was updated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated link from 'Bridge' to '[Bridge](https://iq.wiki/wiki/bridge)'.\"]},{\"title\":\"Tags\",\"subtitle\":\"A tag's capitalization was updated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Changed tag from 'cryptocurrencies' to 'Cryptocurrencies'.\"]},{\"title\":\"Events\",\"subtitle\":\"The date format for events was made more specific.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated multiple event dates from '2025-09' to '2025-09-01'.\"]},{\"title\":\"Videos\",\"subtitle\":\"A video's properties were updated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Removed the 'thumbnail' property from a video.\"]},{\"title\":\"Images\",\"subtitle\":\"An image's properties were modified.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Replaced an empty 'caption' field with a 'size' field.\"]},{\"title\":\"Links\",\"subtitle\":\"Added new external links for CoinGecko, Hyperliquid, and CoinMarketCap.\",\"variant\":\"added\",\"changeCount\":3,\"changes\":[\"Added CoinGecko profile link: https://www.coingecko.com/en/coins/usdh-2\",\"Added Hyperliquid link: https://app.hyperliquid.xyz/explorer/token/0x54e00a5988577cb0b0c9ab0cb6ef7f4b\",\"Added CoinMarketCap link: https://coinmarketcap.com/currencies/hyperliquid-usd/\"]},{\"title\":\"Metadata\",\"subtitle\":\"Added internal wiki statistics.\",\"variant\":\"added\",\"changeCount\":4,\"changes\":[\"Added metadata 'words-changed' with value '450'.\",\"Added metadata 'percent-changed' with value '11.38'.\",\"Added metadata 'blocks-changed' with value 'content, tags, summary'.\",\"Added metadata 'wiki-score' with value '74'.\"]}]}]}"}