BlockBeats news, on September 24, according to The Block, the stablecoin USDH issued by Native Markets has been launched on Hyperliquid, with the USDH/USDC trading pair now available. The early trading volume was approximately $2.2 million, indicating a cautious yet active market start.

USDH is the first US dollar-pegged token issued through a validator-led selection process on Hyperliquid. This stablecoin is natively deployed on HyperEVM and can be used across the Hyperliquid ecosystem. Native Markets won the bid earlier this month, beating companies like Paxos, Frax, and Agora. The plan is to launch in phases, with the first USDH/USDC spot market introduced within a few days after the voting approval.

The issuer states that the USDH reserves are fully backed by cash and short-term U.S. Treasury bonds, with the initial allocation including both off-chain management and on-chain components, and transparency provided through an oracle. The proposal also suggests that part of the reserve income will be used for HYPE buybacks, creating an economic cycle.