Hyperliquid’s native HYPE token has reached an all-time high while the crypto community eagerly waits for the much-hyped voting on USDH issuers’ proposal on September 14, 2025.
As per CoinMarketCap, HYPE price reached a new high of $57.34 today, on September 12. At the time of writing, the token is trading at $56.47, which is almost 22% higher since last week. Its market cap currently sits at $18.86 billion and has a 24-hour volume of $585 million.
The HYPE token is the native governance token of the decentralized exchange Hyperliquid, which was launched in 2024. The token was airdropped to early users and traders on the Hyperliquid platform as a way to decentralize ownership and reward people who participated naturally. This method was like how dYdX and Uniswap, two other decentralized exchanges, first gave out governance tokens.
According to an anonymous cryptocurrency analyst ALTF4, apart from USDH hype, whale accumulations and breakout above $50 followed by institutional interests have largely contributed to the surge in HYPE price.
“This isn’t just hype, it’s a structurally backed breakout across fundamentals, technicals, and institutional tails,” said the analyst.
Hyperliquid’s USDH Issuance Proposal
The surge comes at a time of anticipation around results of proposals that will decide who gets to handle the issuance of USDH, a dollar-pegged stablecoin that is native to Hyperliquid.
USDH Tracker says that several teams are competing to be the issuer, and Native Markets is currently in the lead because it has strong support from validators. The Nansen x HypurrCo validator, which holds a large amount of HYPE, is expected to show support for Native Markets.
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