Hyperliquid has announced that it will release the USDH token symbol, which is currently reserved by the protocol, through an on-chain validator voting process.
As per the Discord announcement from Hyperliquid, this token will be used to issue USD-backed stablecoins within the Hyperliquid ecosystem.Â
Following the upcoming network upgrade, validators will vote to select the most suitable team to build and deploy a Hyperliquid-native stablecoin using the USDH ticker. Interested teams can propose in the specified forum, including the user address that would deploy it in case of selection.
USDH is considered a high-demand canonical token symbol and aims to become a compliant USD stablecoin specifically aligned with Hyperliquid’s ecosystem principles. Even after they are chosen by validators, the accepted team will have to go through the standard gas auction for spot deployment.
Stablecoins Growth
Stablecoins have gone from strength to strength across the crypto ecosystem. Last year, Ripple launched its stablecoin RLUSD in December 2024. This compliance-focused stablecoin is issued by a New York trust company that is overseen by the NYDFS and is 1:1 pegged to the U.S. dollar.
With stablecoins and tokenized real-world assets on the move, decentralized finance (DeFi) is also experiencing record highs. DeFi lending is thriving in 2025 as total value locked (TVL) has increased by 72% year-to-date to more than $127 billion, driven by institutional take-up of stablecoins and tokenized real-world assets.
In a similar development, last month, 21Shares shared that it has listed Hyperliquid ETPs on the SIX Swiss Exchange under the symbol HYPE, providing institutional-quality access to the decentralized exchange. The ETP charges a 2.5% flat fee.
