TechFlow, September 15 — According to The Block, Native Markets, a team within the Hyperliquid ecosystem, has won the bid for the USDH token.
Multiple major cryptocurrency companies participated in the bidding process, including institutional players such as Paxos and BitGo, as well as crypto-native firms like Ethena and Frax. As the first company to submit a proposal, Native Markets secured support from two-thirds of the staked HYPE tokens and plans to launch a token test phase "within days."
Per the proposal, Native Markets' USDH will be natively issued on Hyperliquid's HyperEVM network, with reserves managed by both off-chain and on-chain assets. It includes a clear plan to allocate reserve earnings toward HYPE buybacks and expanding USDH circulation. The stablecoin will be "initially fully backed by off-chain reserves managed by BlackRock and on-chain reserves managed by Superstate via Bridge, consisting of cash and U.S. Treasury equivalents."
