Native Markets Appears to Claim USDH Ticker After Heated Hyperliquid Vote, Raising Stablecoin Concerns

• Native Markets confirmed as USDH ticker winner after community vote

• Team to submit HIP, launch ERC‑20 USDH, run test mints and redeems up to $800, then open USDH/USDC order book

• Prediction markets, industry executives, and community debate highlighted concerns over selection transparency

USDH stablecoin claimed by Native Markets — official HIP and ERC‑20 launch imminent; follow rollout updates on COINOTAG.

Native Markets claimed the US dollar‑pegged stablecoin ticker following a heated bidding war closely watched by the crypto community.

Native Markets, one of the teams that submitted a proposal to issue and manage the Hyperliquid exchange’s US dollar stablecoin (USDH), officially claimed the USDH ticker on Sunday after a community vote.

The project will deploy the inaugural Hyperliquid Improvement Proposal (HIP) for USDH and an ERC‑20 token — the token standard for the Ethereum network — in the coming days, Max Fiege, founder of Native Markets, said on social channels. He outlined the immediate rollout steps:

“We will then start with a testing phase for mints and redeems of up to $800 per transaction with an initial group, to be followed by the opening of the USDH/USDC spot order book, as well as uncapped mints and redeems.”

Native Markets’ odds of winning the ticker spiked to over 99% on prediction market Polymarket after synthetic stablecoin issuer Ethena withdrew from the race. The announcement and the bidding process drew intense attention from traders, validators and industry executives.

What is the USDH stablecoin rollout plan?

USDH stablecoin will launch via an initial Hyperliquid Improvement Proposal (HIP) and an ERC‑20 token. Native Markets will first conduct controlled mints and redeems up to $800 per transaction with a pilot group, then open the USDH/USDC spot order book and enable uncapped mints and redeems.

How did the ticker selection unfold?

The community vote awarded the USDH ticker to Native Markets after a competitive bidding period. Prediction markets showed Native Markets as the frontrunner following Ethena’s exit. Industry sources and public comments indicate heated debate over validator preferences and perceived fairness.

Why did the USDH bidding war spark controversy?

Executives raised concerns that the selection process favored one bidder. Haseeb Qureshi, managing partner at Dragonfly, publicly questioned whether validators considered other bidders. Observers argued the episode highlights tensions around governance, validator discretion and the growing commoditization of stablecoins.

What are the technical standards and security assurances?

Native Markets plans to issue USDH as an ERC‑20 token on Ethereum, aligning with common infrastructure for liquidity and wallet compatibility. The rollout includes staged mint/redeem tests to verify operational security and smart contract behavior before full public issuance.

Frequently Asked Questions

Who is issuing USDH?

Native Markets has been confirmed as the issuer selected by the Hyperliquid community vote to manage the USDH stablecoin and deliver the initial HIP and ERC‑20 token deployment.

When will USDH trading begin?

Controlled testing of mints and redeems begins immediately with a pilot group; USDH/USDC spot trading will open after successful tests and the initial HIP deployment.

Will validators accept alternative bidders?

Several industry executives reported limited validator interest in other bidders, prompting debate about openness and process transparency in the selection.

Key Takeaways

• Native Markets won the USDH ticker: A community vote confirmed the issuer after competitive bids.
• Staged rollout: HIP submission, ERC‑20 issuance, capped test mints/redeems, then spot trading with uncapped operations.
• Governance concerns: The process prompted criticism and raised questions about validator impartiality and sector consolidation.

Conclusion

The USDH stablecoin announcement marks a notable moment for Hyperliquid and the broader stablecoin market. Native Markets’ phased approach — HIP, ERC‑20 deployment, controlled testing and market opening — aims to balance speed and safety. Watch for updates and formal audits as the project moves to public issuance.