Hyperliquid’s USDH Stablecoin Makes Waves with $2M Trading Volume: A Wild Ride!

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Markets

What You *Absolutely* Need to Know:

  • Hyperliquid’s brainchild, the USDH stablecoin, kicked off with a roaring start-over $2 million in trading volume. đŸ€‘
  • The USDH/USDC pair? Trading at 1.001, because why not be *just* a little bit more stable than stable?
  • Backed by cash and U.S. Treasury securities, USDH’s ultimate goal is to say “no thanks” to those pesky external stablecoins.

Well, well, well. Hyperliquid’s USDH stablecoin, created by the wizards over at Native Markets, had its grand debut on Wednesday-and guess what? It made more noise than your aunt’s Christmas party, racking up over $2 million in early trading volume. 🎉

As of the moment I’m writing this (and let’s be honest, it could change faster than a TikTok trend), the USDH/USDC pair was trading at 1.001. Yes, that’s right. Stable enough to make your grandma’s antique china jealous. Total volume? A cool 2,244,932.79 USDC-nothing too shabby, right?

But the fun doesn’t stop there. Oh no. Last week, Hyperliquid’s validator community had a nail-biting battle for the USDH ticker, and after a drama-filled bidding war (shout-out to Paxos, Ethena, Frax, and the gang), Native Markets emerged victorious. It’s like the Oscars, but for crypto. 🌟

Now, what makes USDH so special? It’s not just another pretty face. This dollar-pegged stablecoin was crafted on HyperEVM and is backed by cash and short-term U.S. Treasury securities (yep, the *real* stuff). The idea here is to cut the cord on external stablecoins, like USDC from Circle, which currently holds over 90% of Hyperliquid’s deposits. Hyperliquid isn’t asking for permission anymore. It’s doing it on its own. đŸ’Ș

And here’s the kicker: With USDH, the platform gets to keep its liquidity *in-house*. No more sending it off to some faraway stablecoin land. Half of the revenue generated from the USDH reserves will go straight into funding HYPE buybacks, while the other half will fuel ecosystem growth initiatives. It’s like a crypto buffet. All you can eat, as long as you stay in the family. 😎

Let’s wrap this up with a cherry on top-Hyperliquid isn’t just playing in the sandbox. It’s the king of the on-chain perpetuals decentralized exchange world, holding a solid 35% of global market activity. Sure, it used to own 70% back in May, but hey, who’s counting? It’s still a major player. 🏆

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2025-09-24 15:36