The decentralized perpetual exchange, Hyperliquid has silently launched trading for its USDH stablecoin without any official announcement. Issued by Native Markets, the stablecoin is now live for trading in a USDH/USDC pair.
As per market data, its early volumes show the market starting cautiously but actively, with about $2.2 million changing hands in 24 hours.
Earlier this month, Native Markets’ proposal won the bid to issue USDH after a dramatic voting-period for 19 proposers, including Paxos, Frax, Agora, and other companies. During the vote, Polymarket bettors heavily favored Native Markets, while Paxos tried to get validators to switch by pitching PayPal and Venmo rails.
Hyperliquid’s growing influence
Hyperliquid has gained significant traction due to a CEX-like speed and a decentralized infrastructure, and validator-driven governance. Recently, it has been positioning itself against competitors like Aster, where liquidity depth and stablecoin offerings are key areas of competition. Adding USDH to Hyperliquid gives it an edge, making its ecosystem stronger and providing another source of revenue, through the USD-reserve being used to buy U.S. Treasury bills and generate yields on it.
As reported by The CryptoTimes, Hyperliquid was dominating with over 75% share in the decentralized perpetual futures market. It had around $5.6 billion in stablecoin liquidity on the platform, 95% of which is USDC, contributing a yield of nearly $200 million in annual revenue or roughly 10% to Circle’s business.
Now with the launch of USDH, Hyperliquid could unlock a prosperous revenue stream and focus on more strategic growth approaches with native stablecoin.
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