On September 24, the crypto derivatives exchange Hyperliquid officially launched its next-generation native stablecoin USDH, with over $2.2 million in trading volume on its USDC/USDC trading pair on the first day. As the first dollar-pegged token selected through a validator governance mechanism, the launch of USDH quickly ignited community discussions, marking a key step for the Hyperliquid ecosystem and hinting at new disruptors entering the stablecoin market.

1. Positioning of USDH: Breaking Free from External Stablecoin Dependence

Amid the DeFi boom, trading platforms are increasingly building their own stablecoins to reduce reliance on external suppliers like USDC or USDT. USDH is a typical example of this trend, designed with a focus on stability and ecosystem integration.

● Diversified Reserve Base

USDH is fully backed by regulatory assets such as cash and U.S. Treasury bonds, combined with off-chain management and on-chain transparency mechanisms. With the help of Stripe's Bridge platform, users can view reserve details in real-time, simplifying audits and enhancing trust.

● Decentralized Governance Innovation

Unlike traditional models, the issuance rights of USDH are determined by votes from Hyperliquid validators. This community-driven approach aligns more closely with the spirit of Web3, attracting professional users to participate deeply in governance.

● Ecosystem Closed-Loop Services

USDH is designed based on Hyperliquid's Ethereum-compatible layer HyperEVM, serving not only as a unit of account for trading pairs but also as collateral across the network. The platform plans to use reserve income to repurchase the native token HYPE, optimizing costs and strengthening the economic cycle.

2. Competition and Controversy Behind the Bidding

Before the launch of USDH, Hyperliquid opened an open bidding process in early September, attracting giants like Paxos, Frax, Agora, and Curve to compete. Ultimately, the emerging team Native Markets won with an innovative proposal, gaining support from over two-thirds of the validators. The core advantage of Native Markets is the team's commitment to using 50% of reserve income for HYPE repurchases, with the remainder directed towards ecosystem funding; their technical solution closely aligned with HyperEVM, completing code review and deployment in just one week. Led by seasoned professionals like Max Fiege and Anish Agnihotri, Native Markets has clearly established deep integration with the platform.

However, the process was not without challenges. Dragonfly Capital partner Haseeb Qureshi publicly questioned whether there was favoritism in the bidding, and unsuccessful institutions complained that established proposals were not fairly evaluated. Nevertheless, the community voting results highlighted the democratic power of governance.

3. Market Debut and Potential Impact

On its first day, the USDH/USDC trading pair was active, with trading volume reaching $2.2 million to $2.3 million, far exceeding expectations. This reflects that while investors remain cautious, there is an emerging recognition of its real reserves and governance model. The total market capitalization of stablecoins has soared to nearly $295 billion, and although USDH is small, it aims to fill a transparency gap. Unlike the centralized models of USDT/USDC, its revenue distribution is governed by the platform, making it more appealing to DeFi users. In the long run, it may challenge DAI or Frax's market share in the decentralized space. For a direct comparison, let's look at the daily trading volume data from major perpetual exchanges (September 24):

Exchange

Daily Trading Volume (in billions)

Source

Hyperliquid

10.09

DeFiLlama

Aster

25.77

DeFiLlama

This table shows that Aster has briefly surpassed Hyperliquid, highlighting the intense market competition. The injection of USDH may help Hyperliquid catch up, but more ecosystem tools need to be implemented.

4. The Road Ahead for Hyperliquid: Opportunities and Challenges

In the future, Hyperliquid will leverage USDH to enhance leveraged trading, cross-chain bridges, and the HYPE incentive system, promoting an ecosystem closed-loop. However, user adoption and promotion remain pain points. Compared to Aster's daily trading volume exceeding $25 billion, Hyperliquid's $10 billion scale still has a gap that needs to be bridged through accelerated innovation. The fairness of governance also needs optimization. The bidding controversy serves as a reminder for the platform: more effort is needed in code acceptance and involving small teams to maintain community confidence. Overall, USDH is not only a technical experiment but also a signal of Hyperliquid's transformation into a mature DeFi platform, warranting continued observation.

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