Native Markets Claims USDH Stablecoin Ticker
In a milestone development in the race for a Hyperliquid stablecoin, USDH has officially secured a ticker on behalf of Native Markets following a vote among local communities.
Max Fiege, the founder of Native Markets, announced that the first Hyperliquid Improvement Proposal (HIP) will roll out shortly thanks to the team. The reports came in on Sunday.
As part of a launch plan, the project will deploy an ERC-20 version of USDH on Ethereum. Testing will commence with minting or redeeming capped transactions of up to $800. This will be followed by the opening of the USDH/USDC spot order book. Unlimited issuance and redemption will come later.
Ethena’s Withdrawal Clears Path for Victory
The Ethena synthetic stablecoin issuer pulled out of a bidding war for USDH last Thursday in a surprising turn.
As of Saturday, the prediction market Polymarket had given Native Markets a 99% win chance ahead of Sunday’s result.
The outcome attracted much attention in crypto circles, with many wondering whether the process was truly competitive.
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Accusations of Rigged Voting Shake the Community
Not everyone celebrated the decision. Dragonfly managing partner Haseeb Qureshi even criticized the process, stating that it was “rigged in favour of Native Markets.”
“It appears that the USDH RFP was not truthful,” Qureshi added. He said that according to various bidders, validators showed no interest in any other proposal — which suggests backroom dealing.
As billions of dollars of market share are on the line, the incident highlights a growing rift over how decentralization is governed.
Stablecoins Becoming a Commodity?
Aside from the politics, the USDH race has raised bigger questions about the future of stablecoins.
Mert Mumtaz, the CEO of Helius, shared his insights on stablecoins becoming commoditized. In the future, exchanges could be stripped of branding and just show balances labeled simply “USD.”
Under this model, cryptocurrency exchanges would process stablecoin swaps behind the scenes, leaving users with a single dollar balance on the front end.
In Closing: Hyperliquid and USDH’s Pivotal Moment
The Native Markets USDH win is not just a ticker claim but a governance and trust test as other stablecoins enter the competition.
Essentially, standout technology isn’t enough for any crypto project to stand the test of time. The key to success probably lies in community involvement and universal usability.
