Hyperliquid introduced its native USDH stablecoin in late September 2025, with initial activity reported on September 24 and an official launch on September 27 via HyperEVM. The stablecoin is backed by cash and short-term U.S. Treasuries, aiming to reduce reliance on external stablecoins like USDC and enhance liquidity within Hyperliquid's decentralized exchange (DEX) ecosystem.
The launch involved a pre-mint of $15 million USDH to support initial liquidity, resulting in over $2 million in trading volume within hours and an estimated market cap of $23 million at inception. Governance is validator-driven, promoting decentralization similar to models like MakerDAO.
This move responds to rising competition, as rival DEX Aster recently surpassed Hyperliquid in weekly perpetual trading volume ($147 billion vs. Hyperliquid's $81 billion), though Hyperliquid leads in 30-day volume ($296 billion vs. Aster's $162 billion). To stabilize its ecosystem, Hyperliquid locked 200,000 HYPE tokens for three years and will use part of USDH's reserve yields for HYPE buybacks.
However, Hyperliquid faces headwinds from an impending unlock of 237.8 million HYPE tokens (valued around $12 billion) starting in November, phased over two years, amid a recent 20% price decline for HYPE.
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