Important highlights:
- USDH Stablecoin by Native Market made its grand debut today with Hyperquid.
- Stablecoin recorded an early trading volume of $2.2 million.
- The pre-order activity minted USD 15 million ahead of its launch.
High liquid users visited Stablecoin, awarded in new dollars this week, as Native Market officially introduced USDH on September 23rd. According to information published by the publisher, you will earn over $2.2 million within a few hours.
This unfolded after a governance competition in which the native market played against players from larger industry such as Paxos and Ethena Labs. The company was granted permission to deploy USDH on high lipid decentralized infrastructure after obtaining its mandate earlier this month.
USDH debut and distribution of high lipids
The token was launched at the first active market in HyperCore’s USDH/USDC spot pair, the HyperLiquid’s execution layer. The native market has confirmed that USDH 15 million USDH tokens will be pre-created, managed and distributed in advance. The initial price measure did not deviate much as it fluctuated within a tenth of the price, unlike the intended price ($1).
To ensure that the first phase was stable, trades were limited in a small increment. A single order is limited to 800, highlighting the settlement and liquidity system. The release was the final stage of the ERC-20 and Hypercore Native USDH.
Native markets have already defined a step-by-step strategy for integrating assets. Future releases will be able to support HypereVM, increasing the number of distributed applications. The subsequent steps discuss making USDH a reference asset for spot pricing and margin collateral.
1/4
Reauned Just released: Real-time dashboard for USDH @hyperliquidx!! See supply, top holder, volume vs other stub coins and more@AlliumLabs I’m teaming up with @nativemarkets We will deliver USDH data from the first day pic.twitter.com/izkezofl4a
-Allium (@AlliumLabs) September 24, 2025
Among the most important plans for the agenda are the proposed protocol changes, HIP-3, which proposes a permanent contract that has been religiousized by USDH. At the same time, it is being developed to make native mint hypercore without a token bridge.
Yield distribution and reserve structure
Reserves supporting USDH have a combination of off-chain and on-chain sides. BlackRock externally manages short-term US Treasury invoices and cash holdings, while blockchain-based tokenized securities operate with the help of a superstate and stripe bridge system.
Revenue sharing plans are used, with half of the reserve revenue contributing to the High Lipid Support Fund. The rest is invested in further development of the USDH ecosystem. This model is one of the reasons why the native market won governance proposals in victory proposals at the beginning of September, allowing startups to compete with established competitors.
Overview of the Stablecoin Market
High lipids have grown into a major platform for dollar-fixed assets. USDC currently accounts for more than $5.5 billion on the Circle platform. This is about 8% of overall distribution. The current estimate of annual yields for USDC reserves is calculated as $220 million, which contributes to the incentive for the exchange to launch its own stubcoin.
On a large scale, Tether still leads with over $173 billion issuances. There was mainly repurchase of millions of US transactions and reserves stored on Treasury bills, and saw more than $24 billion token transactions on the Tron Blockchain alone.
The growth of alternative publishers is also growing. The euro religion’s euro recorded a monthly growth rate of 89% last year, as it increased its activity to $47 million to $7.5 billion. PayPal’s PYUSD had fallen below 1 billion transactions, but within the same year it moved to around 4 billion transactions.
Industry researchers have observed that governance contests like one native market won are becoming more common than decentralized platforms, and actors of these entities compete to win the acquisition streams generated by Stablecoin Relives.
Also Read: London Stock Exchange Includes First Bitcoin Staking ETP on Coredao