The race to secure the USDH stablecoin ticker on Hyperliquid has come to a close, with Native Markets emerging as the official winner after a community vote.
The decision marks the first major governance milestone for the decentralized exchange, which is rolling out its inaugural Hyperliquid Improvement Proposal (HIP).
Native Markets’ founder, Max Fiege, confirmed the outcome on X, saying the team will soon launch the ERC-20 version of USDH alongside initial testing. Early participants will be able to mint and redeem stablecoins in capped transactions of up to $800, before the system expands to unlimited redemptions and the opening of a USDH/USDC spot trading pair.
The odds swung heavily in Native Markets’ favor late last week after rival bidder Ethena, known for its synthetic dollar project, unexpectedly withdrew. By Saturday, prediction market Polymarket placed Native’s chances of claiming the ticker at more than 99%.
But the victory has not come without controversy. Several industry voices criticized the selection process, suggesting that Native Markets had been the preferred candidate from the outset. Dragonfly partner Haseeb Qureshi argued that other proposals were dismissed without meaningful debate, calling the process “a farce.”
Others took a broader perspective. Mert Mumtaz, CEO of infrastructure provider Helius, remarked that the battle for USDH highlights how interchangeable stablecoins are becoming. He suggested that in the future, users may not even see separate tickers like USDC or USDH displayed on exchanges. Instead, platforms could present a single “USD” balance while automatically handling conversions between stablecoins behind the scenes.
The outcome of the USDH race is more than just a branding win for Native Markets. It signals the beginning of Hyperliquid’s entry into the crowded stablecoin sector, a market already dominated by giants like Tether and Circle. With questions about transparency, decentralization, and competition still looming, the launch of USDH will be closely watched across the industry.
