Last Sunday, following a community vote, Native Markets, one of the teams that submitted a proposal for the issuance and management of the Hyperliquid Dollar Stablecoin (USDH), announced that it had successfully claimed the USDH token symbol.
Native Markets founder Max Fiege posted on the X platform that the project will launch the first Hyperliquid Improvement Proposal (HIP) for USDH in the next few days, along with the issuance of ERC-20 tokens based on the Ethereum network. He also outlined the next steps:
"We will begin the testing phase with initial mintings and redemptions of up to $800 per transaction with a portion of customer engagement, followed by the opening of the USDH/USDC spot order book and support for unlimited mintings and redemptions."
After synthetic stablecoin issuer Ethena announced its withdrawal from the competition last Thursday, the probability of Native Markets winning the USDH token symbol soared to more than 99% on Saturday's prediction market Polymarket. The battle for the USDH token symbol has been widely watched by the crypto community and industry executives. It has also raised questions about the "black box" of the selection process, as well as reflection on the future of the entire stablecoin industry.
Native Markets Wins Hyperliquid Stablecoin USDH Token Name
2025-09-14 21:30:55
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