Native Markets has clinched the coveted USDH stablecoin ticker following a byzantine community voting process that saw stake support surge from a precarious 53.4% to a commanding 71.88% by September 11, 2025—a dramatic reversal that occurred after the major validator node “Nansen x HypurrCollective” threw its considerable weight behind the bid.
The victory carries particular poignancy given the competitive landscape, where heavyweights like Paxos, BitGo, and Ethena initially vied for the prize. Ethena’s withdrawal proved fortuitous for Native Markets, catapulting their Polymarket odds beyond 99%—though one might question whether such prediction markets accurately capture the labyrinthine dynamics of decentralized governance or merely reflect speculative enthusiasm.
Despite accusations of rigged processes swirling around the closely fought competition, Native Markets emerged victorious in what industry observers characterize as a strategically significant moment for DeFi governance. The USDH ticker, representing stablecoin identity essential for exchange branding and recognition, will designate an ERC-20 compliant token on Ethereum while being issued natively on Hyperliquid’s HyperEVM network. Notably, this campaign represented Hyperliquid’s first major on-chain governance vote, setting precedent for future community-driven decisions.
The USDH ticker victory marks a pivotal moment in decentralized governance, despite persistent allegations of manipulated voting processes.
The company plans a methodically staged rollout, beginning with controlled testing that caps transactions at $800 for minting and redeeming—a cautious approach befitting the scrutiny surrounding stablecoin launches. Following this limited-group testing phase, Native Markets intends to open the USDH/USDC spot order book for trading before enabling uncapped minting and redeeming to support broader scalability. Activities are expected to commence within days as the company initiates its immediate phased rollout plan.
Reserve management reflects contemporary institutional preferences: off-chain assets (cash and U.S. Treasuries) will be managed by BlackRock, while on-chain reserves fall under Superstate’s purview via Bridge, Stripe’s subsidiary. This institutional approach aligns with the broader trend of corporate treasuries diversifying into digital assets as regulatory frameworks stabilize across jurisdictions. Reserve earnings will partially fund HYPE token repurchases, creating an ecosystem feedback loop that theoretically supports platform value.
The implications extend beyond mere ticker acquisition. Native Markets positions itself as a potential challenger to Circle’s USDC, which currently commands nearly $6 billion in reserves on Hyperliquid. While existing stablecoins will continue operating as quote assets under specific conditions, the USDH launch represents broader sectoral transformation—assuming, naturally, that community governance processes can navigate the inevitable complexities of decentralized financial infrastructure without succumbing to the very controversies that marked this inaugural competition.
