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The validator community of the Hyperliquid cryptocurrency exchange has chosen Native Markets as the developer and issuer of the USDH stablecoin.
The Native Markets team has announced its success in the competition to issue the dollar-pegged USDH stablecoin from the decentralized derivatives exchange Hyperliquid. Max Fiege, the Founder of Native Markets, stated that the first Hyperliquid Improvement Proposal (HIP) for USDH will be introduced in the upcoming days, alongside an ERC-20 version of the token on the Ethereum blockchain.
Initially, the team intends to test the issuance and redemption process with transaction limits set at $800 for a select group of users. The subsequent phase will involve launching a USDH/USDC spot order book and transitioning to unrestricted operations.
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The fierce competition for the right to issue USDH, which captured the attention of the entire industry, has officially concluded. A pivotal moment occurred when Ethena, a provider of synthetic stablecoins, withdrew from the contest. Following this, the likelihood of Native Markets’ success on the Polymarket prediction platform surpassed 99%.
Nonetheless, the outcomes of the Hyperliquid validator vote elicited mixed responses within the community. For instance, Haseeb Qureshi, Managing Partner at Dragonfly, referred to the selection as a “farce,” asserting that validators did not genuinely consider other candidates. Conversely, some industry members believe that the current “USDH ordeal” could ultimately be advantageous for the market. Mert Mumtaz, CEO of Helius, noted that the excitement surrounding this situation indicates that stablecoins are evolving into a mass-market product, where the significance of a specific ticker is diminishing. He suggested that exchanges will eventually present users with a universal “USD,” while automatically converting between various stablecoins in the background.
The demand for stablecoins continues to rise, establishing them as one of the five major FinTech trends for 2025.
Сообщение Native Markets Becomes Issuer of Hyperliquid’s Stablecoin USDH появились сначала на CoinsPaid Media.
