Hyperliquid's Native Stablecoin

Hyperliquid's native stablecoin is USDH 1.

The USDH stablecoin was launched after the firm Native Markets won the ticker bid 1. Native Markets claimed that over $15 million worth of USDH was pre-minted in the 24 hours before its launch 1.

Key details about USDH:

Issuer and Alignment The primary condition for the USDH ticker was that it be a "Hyperliquid-first" and "Hyperliquid-aligned" stablecoin 1. Native Markets supports this alignment by donating half of USDH revenues to Hyperliquid’s Assistance Fund, which is a protocol-driven buy-back fund 1.
Backing and Compliance The stablecoin is reportedly backed by a mixture of cash and "U.S. treasury equivalents" managed by Bridge, a platform acquired by Stripe in 2024 1. The issuer's proposal also claimed that USDH would be compliant with regulations in the U.S. and Europe 1.

While USDH is the native stablecoin, Hyperliquid's stablecoin supply also includes other major currencies like USDT, feUS0, and USDC 2. As of September 14, 2025, the total USD stablecoin supply on Hyperliquid was $6.23 billion, with 86.5% ($5.3 billion) allocated to perpetual swaps ("Perps") 2.

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