The winner of the stable coin offer on Hyperliquid has been announced.

In the stablecoin offering of Hyperliquid, which includes giants of Crypto, the winner of the one-week process was Native Markets. Native Markets, a startup within the Hyperliquid ecosystem, received two-thirds of the votes for the staked HYPE tokens.

Native Markets stated that they will gradually start activities immediately and in the first phase they will test small-scale coin creation and payments. Later, the USDH/USDC spot trading pair will be opened.

Why are stable coins being issued? The superiority of USDC…

Hyperliquid has become one of the most talked-about projects of recent times. The project has gone beyond being just a simple DeFi protocol. On a monthly basis, nearly 380 billion dollars in trading volume is generated on Hyperliquid. The project generated 320 million dollars in revenue just in August.

However, the most used stablecoin on Hyperliquid is USDC… There is a total of more than 5.5 billion USDC in the protocol. This figure is so large that it corresponds to 7.5% of the total supply of USDC.

Therefore, the entire annual interest income of 220 million dollars generated in dollar terms is collected by Circle, the issuer of this stable coin, through USDC. Neither HYPE token holders nor Hyperliquid… Only Circle…

This situation led Hyperliquid to launch its own stable coin. In fact, the companies making offers allocated a large portion of the annual return to Hyperliquid and only a very small part to themselves.

More HYPE, more voting rights…

Finally, it was decided to hold a competition-style election here. The final decision was made by the validators holding HYPE. Those holding more HYPE tokens naturally had more voting rights. The voting also ended as of yesterday. This was also Hyperliquid's first on-chain vote.

The USDH stablecoin to be issued by Native Markets will be issued only on Hyperliquid's HyperEVM network.

The reserves will be supported by both on-chain and off-chain assets. The returns generated through USDH will be allocated to HYPE token buybacks and programs initiated to increase the distribution of USDH.

Published: September 15, 2025 10:14Last Updated: September 15, 2025 10:20