{"id":"native-markets","title":"Native Markets","content":"**Native Markets** is an American [decentralized finance](https://iq.wiki/wiki/defi) (DeFi) company that designed [USDH](https://iq.wiki/wiki/usdh), a U.S. dollar-pegged stablecoin. USDH serves as the native stablecoin for the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) decentralized perpetuals exchange, created to internalize yield generated from stablecoin reserves within the Hyperliquid ecosystem and reduce the platform's reliance on external, bridged [stablecoins](https://iq.wiki/wiki/stablecoin) such as [USDC](https://iq.wiki/wiki/usdc). [\\[1\\]](#cite-id-gTsM46tfVxes6Muh) [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3)​\n\n## Overview\n\nNative Markets was established with the primary purpose of issuing and managing [Hyperliquid](https://iq.wiki/wiki/hyperliquid)'s native [stablecoin](https://iq.wiki/wiki/stablecoin), [USDH](https://iq.wiki/wiki/usdh). The project's core mission is to create an \"Aligned Quote Asset\" (AQA) for the exchange, which contractually shares revenue with the Hyperliquid protocol. This model aims to create a self-sustaining economic loop where the growth of the stablecoin directly contributes to the value of the exchange’s ecosystem, primarily through buybacks of its native HYPE token. [\\[1\\]](#cite-id-gTsM46tfVxes6Muh) [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf)​\n\nThe company's proposal was selected by [Hyperliquid](https://iq.wiki/wiki/hyperliquid)'s community and validators for its \"Hyperliquid-first\" approach. This strategy prioritized native issuance directly on Hyperliquid's [Layer 1](https://iq.wiki/wiki/layer-1) (HyperEVM) to avoid cross-chain friction, emphasized on-chain enforceable yield-sharing mechanisms over trust-based agreements, and proposed an issuer-agnostic architecture to enhance platform sovereignty. By migrating Hyperliquid's substantial stablecoin deposits to [USDH](https://iq.wiki/wiki/usdh), the project aimed to capture significant revenue that would otherwise go to external issuers. Projections from September 2025 estimated that migrating the existing 200 million in annual revenue for the ecosystem. [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3)​\n\n## History\n\n### The USDH Issuer Competition\n\nIn early 2025, the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) exchange announced a Request for Proposal (RFP) to select an issuer for its native stablecoin, which would bear the ticker [USDH](https://iq.wiki/wiki/usdh). Native Markets, a newly formed entity, submitted its proposal and entered a competitive process against several established firms in the digital asset space, including [Paxos](https://iq.wiki/wiki/paxos), [BitGo](https://iq.wiki/wiki/bitgo), [Ethena](https://iq.wiki/wiki/ethena), [Frax](https://iq.wiki/wiki/frax), [Agora](https://iq.wiki/wiki/agora), [Sky](https://iq.wiki/wiki/sky), and Bastion. [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3) [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf) [\\[4\\]](#cite-id-DSpIiU8tl8UOy74U)​\n\nThe selection process was driven by Hyperliquid's validators, whose priorities included a strong preference for native issuance on Hyperliquid's own network, transparent and contractually enforceable revenue sharing, and an architecture that avoided dependency on a single institutional issuer. [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3)​\n\n### Selection and Vote\n\nThe competition took place over several days in September 2025. A multi-hour community roundtable was held on September 9, where bidders presented their proposals. [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3) Native Markets quickly emerged as a leading contender, with key validators such as Infinite Field, CMI Trading, and the largest validator, \"[Nansen](https://iq.wiki/wiki/nansen) x HypurrCollective,\" publicly announcing their support. [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3) [\\[5\\]](#cite-id-2JuRX4X8fKkBVNQi) Prediction markets on Polymarket reflected this momentum, giving Native Markets over 90% odds of winning by mid-September. [\\[6\\]](#cite-id-yg60DJAlvVNJy5m7)​\n\nA significant development occurred on September 10, when the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) Foundation altered the voting process by removing its own staked tokens from the validator weighting, effectively shifting power to community token holders. The Foundation later stated it would \"effectively abstain by voting for the team with the most non-Foundation votes.\" [\\[6\\]](#cite-id-yg60DJAlvVNJy5m7) Following [Ethena](https://iq.wiki/wiki/ethena) Labs' withdrawal from the race, Native Markets' position was further strengthened. [\\[5\\]](#cite-id-2JuRX4X8fKkBVNQi)​\n\nOn September 14, 2025, Native Markets was officially announced as the winner, having secured a two-thirds majority of votes from staked HYPE token holders. The win was attributed by industry observers to the team's agility, singular focus on the [USDH](https://iq.wiki/wiki/usdh) project, and perceived strong alignment with Hyperliquid's vision. Sid Sridhar, founder of Bima Labs, commented, \"If they succeed, it will be a classic story of an outsider seizing an opportunity that incumbents were too slow or too cautious to capture.\" [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf)​\n\n### Launch and Early Integrations\n\nNative Markets officially launched the [USDH](https://iq.wiki/wiki/usdh) stablecoin on the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) exchange on September 24, 2025. The initial trading pair listed was USDH/[USDC](https://iq.wiki/wiki/usdc) (as USDHL/USDC), and the asset reached approximately $2.1 million in trading turnover shortly after its debut. [\\[4\\]](#cite-id-DSpIiU8tl8UOy74U)​\n\nFollowing the launch, Native Markets announced a series of partnerships in December 2025 to bolster ecosystem adoption. On December 1, a partnership with [Across](https://iq.wiki/wiki/across) Protocol was established to enable slippage-free, 1:1 swaps of [USDC](https://iq.wiki/wiki/usdc) from multiple [blockchains](https://iq.wiki/wiki/blockchain) directly to [USDH](https://iq.wiki/wiki/usdh) on [Hyperliquid](https://iq.wiki/wiki/hyperliquid). Subsequent integrations included the launch of an AXL/USDH spot trading pair with [Axelar](https://iq.wiki/wiki/axelar) Network and adoption by platforms such as markets.xyz, the [DeFi](https://iq.wiki/wiki/defi) aggregator [OpenOcean](https://iq.wiki/wiki/openocean), and Rysk Finance. [\\[7\\]](#cite-id-VKCIUBfnghtiSy5f)​\n\n## USDH Stablecoin\n\n​[USDH](https://iq.wiki/wiki/usdh) is a centralized, fiat-backed stablecoin designed to maintain a 1:1 peg with the U.S. dollar. It is issued by Bridge Building, Inc. (\"Bridge, a Stripe company\") and functions as the native quote and settlement asset for the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) exchange. [\\[1\\]](#cite-id-gTsM46tfVxes6Muh)​\n\n### Reserve Mechanism\n\n​[USDH](https://iq.wiki/wiki/usdh) is fully collateralized by a hybrid portfolio of off-chain and on-chain assets. [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf)​\n\n* **Off-chain Reserves:** Consist of cash and U.S. Treasury securities held in the BlackRock Liquidity Funds (BLF) Treasury Trust Fund. These assets are managed by global asset manager BlackRock, with JP Morgan Chase and Lead Bank serving as custodians. [\\[1\\]](#cite-id-gTsM46tfVxes6Muh)\n* **On-chain Reserves:** Composed of tokenized U.S. Treasuries (USTB). This portion of the reserve is managed by [Superstate](https://iq.wiki/wiki/superstate), utilizing Fireblocks as the infrastructure custodian. [\\[1\\]](#cite-id-gTsM46tfVxes6Muh) [\\[5\\]](#cite-id-2JuRX4X8fKkBVNQi)\n\nTransparency is maintained through blockchain oracles, and the project scheduled its first monthly third-party reserve attestation for November 2025. [\\[4\\]](#cite-id-DSpIiU8tl8UOy74U) [\\[1\\]](#cite-id-gTsM46tfVxes6Muh)​\n\n### Issuance, Redemption, and Compliance\n\nThe issuance and management of [USDH](https://iq.wiki/wiki/usdh) are handled by [Bridge](https://iq.wiki/wiki/bridge), a subsidiary of Stripe. Bridge also manages the [Know-Your-Customer](https://iq.wiki/wiki/know-your-customer-kyc) (KYC) and [Anti-Money Laundering](https://iq.wiki/wiki/anti-money-laundering-aml) (AML) processes for users who wish to mint or redeem USDH directly, leveraging Stripe's established compliance infrastructure. [\\[1\\]](#cite-id-gTsM46tfVxes6Muh) [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf)​\n\nUsers can mint [USDH](https://iq.wiki/wiki/usdh) on a 1:1 basis with U.S. dollars or [USDC](https://iq.wiki/wiki/usdc) after completing a KYC/KYB process with Bridge. The stablecoin can also be acquired permissionlessly by swapping for it on various [decentralized finance](https://iq.wiki/wiki/defi) platforms. The reserve management framework is operated in line with the requirements of the [GENIUS Act](https://iq.wiki/wiki/genius-act). [\\[1\\]](#cite-id-gTsM46tfVxes6Muh)​\n\n## Ecosystem Integration and Economics\n\nThe economic model of [USDH](https://iq.wiki/wiki/usdh) is deeply integrated with the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) exchange through a system designed to share revenue and incentivize adoption.\n\n### Aligned Quote Asset (AQA) Protocol\n\nThe core of [USDH](https://iq.wiki/wiki/usdh)'s economic integration is [Hyperliquid](https://iq.wiki/wiki/hyperliquid)'s Aligned Quote Asset (AQA) protocol. Under this mechanism, Native Markets programmatically contributes 50% of USDH's gross revenue to the Hyperliquid Assistance Fund (AF). The Assistance Fund then uses these revenues to buy back Hyperliquid's native token, HYPE, from the open market, creating a deflationary pressure and directing value back to the ecosystem. The remaining 50% of the revenue is retained by Native Markets to fund the growth and integration of [USDH](https://iq.wiki/wiki/usdh). [\\[1\\]](#cite-id-gTsM46tfVxes6Muh) [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf)​\n\n### Trader Incentives\n\nTo encourage the use of [USDH](https://iq.wiki/wiki/usdh) over other stablecoins, [Hyperliquid](https://iq.wiki/wiki/hyperliquid) offers several benefits to traders who use USDH-quoted markets:\n\n* Taker fees are 20% lower.\n* Maker rebates are 50% higher.\n* Trading volume counts 20% more towards qualifying for lower fee tiers.\n  [\\[1\\]](#cite-id-gTsM46tfVxes6Muh)\n\n### Partnerships and Integrations\n\nAs of December 2025, [USDH](https://iq.wiki/wiki/usdh) was integrated with a variety of protocols and platforms across the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) ecosystem and beyond.\n\n* **Bridging & On-ramps:** [Across](https://iq.wiki/wiki/across) Protocol and Relay facilitate cross-chain transfers of assets to [USDH](https://iq.wiki/wiki/usdh) on [Hyperliquid](https://iq.wiki/wiki/hyperliquid).\n* **DeFi Protocols:** Integrations included lending/borrowing platforms Hyperlend, [Morpho](https://iq.wiki/wiki/morpho), and HypurrFi; the DEX Project X; the aggregator [OpenOcean](https://iq.wiki/wiki/openocean); and Rysk Finance.\n* **Integrated Order Books (HIP-3):** Felix, a perpetuals DEX, and Ventuals, a market for pre-IPO stock futures, were slated to support [USDH](https://iq.wiki/wiki/usdh).\n  [\\[1\\]](#cite-id-gTsM46tfVxes6Muh) [\\[7\\]](#cite-id-VKCIUBfnghtiSy5f)\n\n## Team and Key Figures\n\nWhile the official Native Markets website describes its team as \"alumni of Uniswap, BlackRock, Stripe, [Circle](https://iq.wiki/wiki/circle), and Ramp\" without naming individuals, reporting from crypto media outlets identified several key figures behind the project. [\\[1\\]](#cite-id-gTsM46tfVxes6Muh)​\n\n* **Max Fiege:** Team Lead and co-founder of Native Markets, described as an \"early [Hyperliquid](https://iq.wiki/wiki/hyperliquid) ecosystem advocate\" and a \"well-known [Hyperliquid](https://iq.wiki/wiki/hyperliquid) investor.\" [\\[6\\]](#cite-id-yg60DJAlvVNJy5m7) [\\[5\\]](#cite-id-2JuRX4X8fKkBVNQi)\n* **MC Lader:** A member of the Native Markets team who previously served as the President of Uniswap Labs. [\\[6\\]](#cite-id-yg60DJAlvVNJy5m7)\n* **Anish Agnihotri:** A member of the team identified as a blockchain researcher. [\\[6\\]](#cite-id-yg60DJAlvVNJy5m7)\n\n## Controversies and Criticisms\n\n### Selection Process\n\nThe competition to select the [USDH](https://iq.wiki/wiki/usdh) issuer drew criticism from some industry observers who questioned the fairness of the process. [Haseeb Qureshi](https://iq.wiki/wiki/haseeb-qureshi), a partner at Dragonfly, described the race as \"fixed from the start\" and \"a bit of a farce,\" suggesting Native Markets may have had advance notice. [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3) [\\[6\\]](#cite-id-yg60DJAlvVNJy5m7) Evidence cited by critics included the fact that Native Markets' proposal was submitted \"almost immediately\" after the RFP announcement and that its deployer address was funded hours before [Hyperliquid](https://iq.wiki/wiki/hyperliquid) publicly announced the competition. [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3) [\\[5\\]](#cite-id-2JuRX4X8fKkBVNQi)​\n\nNic Puckrin, CEO of Coin Bureau, noted that suggestions of a pre-determined outcome could negatively impact trust in both the governance process and [USDH](https://iq.wiki/wiki/usdh) itself. However, [Guy Young](https://iq.wiki/wiki/guy-young), founder of former competitor [Ethena](https://iq.wiki/wiki/ethena) Labs, defended the outcome as a positive example of Hyperliquid's community-driven ethos, where \"emergent players can win hearts.\" [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf) [\\[6\\]](#cite-id-yg60DJAlvVNJy5m7)​\n\n### Operational and Counterparty Risks\n\nConcerns were also raised about the operational model of Native Markets and [USDH](https://iq.wiki/wiki/usdh). As a \"new and untested\" issuer, analysts noted that the project lacked the extensive track record, regulatory history, and established institutional relationships of competitors like Paxos. [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf)​\n\nThe project's reliance on a number of third parties, including Bridge (Stripe), BlackRock, and [Superstate](https://iq.wiki/wiki/superstate), was highlighted as a source of counterparty risk. Analyst Jonathan Morgan of Stocktwits pointed out that service disruptions from any of these partners during periods of high market stress could create significant operational issues. Furthermore, some community members expressed concern that relying on Stripe's subsidiary, Bridge, for core infrastructure could simply replace a dependency on [Circle](https://iq.wiki/wiki/circle) ([USDC](https://iq.wiki/wiki/usdc)) with a new form of platform dependency. Native Markets responded to this by stating its architecture was \"issuer-agnostic by design,\" featuring modular and upgradable off-ramps. [\\[3\\]](#cite-id-c5cu11Bp4ADeICaf) [\\[2\\]](#cite-id-rKLA93UQYVyYUGH3)​","summary":"Native Markets is the issuer of USDH, a U.S. dollar-pegged stablecoin native to the Hyperliquid decentralized exchange. 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