Asia Morning Update: Native Markets Secures Approval for USDH Launch
Native Markets is set to begin offering USDH on Hyperliquid, following a significant validator vote. This new stablecoin aims to compete directly with USDC as Bitcoin and Ethereum report rising prices.
What to know:
- Native Markets has been chosen to issue USDH on Hyperliquid, securing 70% of the validator votes.
- The USDH launch will commence with limited mints and redemptions, aiming to rival Circle’s USDC.
- Bitcoin and Ethereum prices are experiencing upward trends due to ETF inflows and anticipated cuts in U.S. interest rates.
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Hyperliquid’s validator community has selected Native Markets to launch USDH, marking the conclusion of a weeklong contest that included proposals from Paxos, Frax, and others.
Native Markets, co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and investment backer Max Fiege, plans to roll out USDH “within days,” according to a post from Fiege on X.
Native Markets has been awarded the USDH ticker on Hyperliquid. Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward. — max.hl (@fiege_max) September 14, 2025
As per onchain trackers, Native Markets’ proposal gathered roughly 70% of validator support, while Paxos receiving 20% of votes.
The phased launch will start with capped mints and redemptions, leading to a USDH/USDC trading pair once the caps are lifted. USDH aims to compete against Circle’s USDC, which currently has nearly $6 billion in deposits, representing about 7.5% of its supply.
Rival bidders had vowed to channel stablecoin earnings back into the ecosystem, while Native Markets emphasized credibility and validator alignment in its bid.
Market Movement
BTC: Bitcoin has recently surpassed the $115,000 mark, aided by ETF inflows and improving U.S. inflation statistics, with some resistance expected near $116,000.
ETH: Ethereum is currently trading over $4600, benefiting from strong ETF inflows.
Gold: Gold remains near historic highs as traders interpret dollar weakness correlated with anticipated Fed rate cuts.
Elsewhere in Crypto:
- Pakistan’s crypto regulator invites firms to obtain licenses for local users.
- Insights into the IRS’s growing surveillance of crypto investors.
- Massachusetts Attorney General accuses Kalshi of violating sports betting regulations.
