Native Markets wins USDH ticker on Hyperliquid

Native Markets Launches $800 Capped Mint and Redeem Test

A Big Win For USDH Ticker on Hyperliquid 

Native Markets has won the right to use the USDH ticker on the Hyperliquid platform after a public vote and a high-profile bidding process. The team says it will deploy the first Hyperliquid Improvement Proposal for USDH (called USDH HIP-1) and an ERC-20 contract in the coming days. This means the new token will be available both on firm’s native chain and as a standard token on Ethereum. 

Source : X

The company runs large spot and derivatives markets. A stablecoin like USDH aims to keep more trading yield inside its ecosystem, rather than sending yield to outside stablecoins. 

How The Launch Will Work  Step By Step

1. Native Markets announces the initial test window and list of testers.

2. Users in the test can mint or redeem coin up to $800 per transaction.

3. Engineers monitor the contracts and order book performance.

4. If tests succeed, the USDH/USDC spot order book opens and full minting follows.
   This step plan is typical for new stablecoin launches that want to avoid technical or liquidity problems at start.

What is HIP-1 and ERC-20

HIP-1 is Hyperliquid’s token standard for spot deployments. A HIP-1 token gets an on-chain spot order book paired to USDC right when it launches. Deploying an ERC-20 contract means the same asset will also exist as a token on Ethereum, making it easier for wallets and other apps to support this stable coin. Together, these moves let it trade quickly on platform while staying compatible with the wider crypto world. 

Background: The Bidding Fight

The ticker drew many bidders. Big names and stablecoin teams entered the contest, making the vote a high-profile event in crypto news. Several big players including Paxos, Ethena, Frax, Agora, and Native Markets, submitted proposals to compete for the right to issue.

Native Markets winning the ticker follows weeks of public debate and a voting process that the community watched closely. The process drew attention and debate across the crypto community because it could shift large annual yield flows into Hyperliquid’s hands. 

Connection To Recent News

This story follows weeks of coverage about Hyperliquid’s plan to create a native stablecoin and the public bidding that followed. It also ties into broader industry conversations about who should control new stablecoins and how yield from reserves should be used. Expect more commentary as this cryptocurrency moves from tests to full launch.

What Traders And Users Should Watch

Watch for announcements about the initial test group, exact dates for the ERC-20 and HIP-1 deployments, and the opening of the stable coins order book. Traders should also note the $800 per-transaction cap during testing this limits early exposure while the team checks systems and liquidity. If tests go well, the next phase will enable larger mints, redemptions, and active trading. 

Native Markets has claimed the USDH ticker and will launch it via HIP-1 and ERC-20 soon. A careful test phase with a $800 cap will come first, then the both spot order book and full minting. This is an important step for Hyperliquid and for anyone watching stablecoin innovation.