Hyperliquid’s USDH Stablecoin Launches Amid Rising Competition in DEX Market
Hyperliquid has taken a decisive step towards increasing its on-chain ecosystem with the launch of USDH, a local stablecoin designed to serve the decentralized change.
The new token is dwell for buying and selling following its debut this week by Native Markets, the Hyperliquid-based staff behind the initiative.
Native Market Launches USDH, Stakes HYPE
On September 27, Native Markets confirmed that USDH is now accessible on the change’s decentralized spot and derivatives markets.
According to the agency, merchants can pair the asset towards HYPE — Hyperliquid’s governance token — and USDC, giving customers a secure unit of account straight built-in into the platform.
The staff additionally locked 200,000 HYPE for 3 years to activate the itemizing, a transfer supposed to anchor liquidity and governance alignment.
Ahead of the launch, Native Markets pre-minted $15 million USDH via HyperEVM, coordinating with the community’s Assistance Fund to help preliminary liquidity.
According to Native Markets, USDH is backed by money and short-term US Treasuries. The issuer manages reserves via a mixture of off-chain holdings and on-chain transparency instruments, together with oracle feeds that confirm real-time balances.
Additionally, a share of returns from these reserves will fund periodic HYPE buybacks, strengthening the token’s financial basis.
The launch follows a governance contest earlier this month in which Native Markets gained neighborhood approval to problem Hyperliquid’s first stablecoin. The venture outperformed proposals from competitors and major issuers like Paxos and Agora.
Hyperliquid’s Dominance Under Threat
USDH’s arrival comes at a time when Hyperliquid is under growing competitive and operational pressure.
In latest weeks, rival exchange Aster — backed by YZi Labs, the household workplace of Binance founder Changpeng Zhao— has surged in buying and selling exercise.
Data from DeFiLlama exhibits Aster generated $147 billion in perpetual quantity over the previous week, outpacing Hyperliquid’s $81 billion.
Still, Hyperliquid stays the bigger platform on a 30-day foundation, recording $296 billion in cumulative quantity versus Aster’s $162 billion.
However, analysts at Maelstrom warn that this lead might slender as a major token unlock strategy.
From November, the DEX platform will step by step unlock roughly 237.8 million HYPE tokens price about $12 billion over 24 months.
This impending unlock might considerably influence the market efficiency of a digital asset that has shed greater than 20% in the previous week.
The put up Hyperliquid’s USDH Stablecoin Launches Amid Rising Competition in DEX Market appeared first on BeInCrypto.
