Native Markets Selected to Issue USDH Stablecoin Following Validator Vote
- Native Markets secured approximately 70% of the validator votes to issue USDH, surpassing Paxos at 20%.
- The launch will begin with capped mints and redemptions, followed by a USDH/USDC spot pair.
- USDH aims to compete with Circle’s USDC, which currently holds nearly $6 billion in deposits on Hyperliquid.
- Other bidders included Frax and Sky (ex-MakerDAO), who proposed various yield strategies for their stablecoins.
- BTC has reclaimed the $115,000 level, aided by ETF inflows and positive U.S. inflation data.
- ETH is trading above $4600, supported by strong ETF inflows as well.
The selection of Native Markets to issue USDH reflects a significant shift in the stablecoin landscape on Hyperliquid, directly challenging established players like USDC. The initial rollout will focus on controlled mints before expanding liquidity options for users.
With BTC recently reaching $115,000, the market shows strong momentum alongside the upcoming launch of USDH aimed at enhancing competition among stablecoins.(Source)
