USDH vaults

USDH is the native stablecoin of the Hyperliquid L1 blockchain, issued by Native Markets. The issuer was selected through a competitive validator vote concluded in September 2025, in which Native Markets — co-founded by the former president and COO of Uniswap Labs, MC Lader — won the right to issue USDH on the Hyperliquid perpetuals exchange.

Mechanism

USDH is fully backed by cash and US Treasury equivalents. Off-chain reserves are managed by BlackRock while on-chain reserves are held through Superstate via Bridge (a Stripe-owned on-chain settlement layer). This dual-reserve structure provides real-world asset backing with on-chain transparency and liquidity.

Native Markets committed to a symmetric yield distribution: half of all reserve earnings funds HYPE token buybacks through Hyperliquid's Assistance Fund, and the other half supports ecosystem growth programmes.

Rollout

USDH launched with a cautious phase-in: initial mint and redeem transactions were capped at $800 per transfer while the team monitored activity. The cap was later removed as a USDH/USDC spot pair opened on the Hyperliquid exchange.

Key properties

• Fully reserved: cash and US Treasury equivalents, backed by BlackRock and Superstate/Bridge
• Native to Hyperliquid L1; first stablecoin issued through a competitive validator vote
• Reserve yield split: 50% to HYPE buybacks, 50% to ecosystem growth
• Issued by Native Markets (co-founded by former Uniswap Labs president MC Lader)

Sources

• Native Markets
• The Block — Native Markets wins USDH bid
• CoinGecko — What is USDH?
• Brave New Coin — USDH launch