After weeks of back-and-forth and plenty of crypto chatter, Native Markets clinched the job of powering USDH’s infrastructure.

The numbers tell the next chapter: about 24.23 million USDH is in circulation, spread across just 59 wallets as of 1 p.m. Eastern on Wednesday. Since launch, the coin has already zipped through roughly 1,935 wallet-to-wallet transfers.

USDH volume on Hyperliquid paired with USDC.

USDH may have hit the market running, but most of the coin is still parked in two mega-wallets. One wallet holds just over 10 million USDH, or 41.63% of supply, while the second wallet grips another flat 10 million USDH, equal to 41.26%.

That concentration means a hefty 82.89% of the stablecoin still sits in just two addresses, leaving the other 59 wallets to scrap over the slim 17.11% in circulation. Where the real action shows up is onchain.

According to Coinmarketcap stats, USDH trading can be spotted on Hyperliquid, Hyperswap, Orca, Project X, and Raydium — with that thin slice of circulating supply doing the heavy lifting. USDH is already pulling in some trading heat. Coinmarketcap data shows about $853,000 in daily volume across exchanges, excluding Hyperliquid.

But zoom in on Hyperliquid’s dashboard at 1 p.m. Eastern on Sept. 24, and the USDC pair alone clocked $1.87 million in 24-hour trade volume — proving that most of this stablecoin’s real hustle is happening right on home turf.

For all the noise around its launch, USDH is still just a speck in the $294.751 billion stablecoin universe. On day one, the new coin makes up only 0.00822% of the sector’s value — a blink-and-you-miss-it footprint in a market dominated by giants.

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