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Native Markets Wins Bid for USDH Stablecoin Launch

9/15/2025

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Summary

Story summary

Native Markets secured the bid for Hyperliquid's USDH stablecoin, surpassing Paxos and other contenders.
Over 70% of HYPE stakers supported the governance vote, enabling USDH's rollout.
Initial testing will cap transactions at $800 to ensure stability.
BlackRock and Superstate will oversee USDH's off-chain and on-chain reserves, respectively.
Kraken intends to list USDH and HYPE tokens after launch.

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Story summary

Native Markets secured the bid for Hyperliquid's USDH stablecoin, surpassing Paxos and other contenders.
Over 70% of HYPE stakers supported the governance vote, enabling USDH's rollout.
Initial testing will cap transactions at $800 to ensure stability.
BlackRock and Superstate will oversee USDH's off-chain and on-chain reserves, respectively.
Kraken intends to list USDH and HYPE tokens after launch.