- Native Markets was selected by the Hyperliquid validator community to issue the new USDH stablecoin.
- Native Markets’ proposal won with about 70% of validator votes, ahead of Paxos and Ethena.
- The USDH rollout will begin soon with limited minting and redemptions, then expand trading against USDC.
- BTC rose above $115,000 and ETH traded above $4,600, helped by ETF inflows and rate cut expectations.
- Further developments include Pakistan seeking crypto licenses, IRS intensifying crypto oversight, and a legal complaint against Kalshi.
The validator community for Hyperliquid has chosen Native Markets to issue the USDH stablecoin, concluding a weeklong competition among several firms. The vote occurred after proposals from groups such as Paxos, Frax, Sky (ex-MakerDAO), and Agora were reviewed.
According to on-chain tracking, Native Markets gathered approximately 70% of validator votes. Paxos received around 20%, and Ethena followed with 3.2%. Max Fiege, a co-founder of Native Markets, stated via X (formerly Twitter) that USDH issuance will begin “within days.” The initial phase includes capped minting and redeeming of USDH, moving to open trading against USDC before removing those limits.
USDH aims to compete with Circle’s USDC, which holds nearly $6 billion in deposits on Hyperliquid, making up 7.5% of USDC’s total supply. Other leading stablecoins will continue to be available on Hyperliquid, so long as they meet liquidity and HYPE staking requirements. Most competing bids included plans to return stablecoin profits to the ecosystem, either through buybacks or user rewards, but Native Markets focused on experience and validator support.
In the cryptocurrency markets, BTC has recently climbed above the $115,000 mark, led by supported ETF inflows, lower U.S. inflation data, and hopes for interest rate cuts. Technical momentum is increasing, but resistance is noted near $116,000. ETH is trading over $4,600, also benefiting from ETF-related activity. Gold prices stay close to record highs, with market participants watching possible Federal Reserve rate cuts and a weakening dollar.
Elsewhere, Pakistan’s crypto regulator invited firms to apply for licensing to serve an estimated 40 million local users. The IRS is expanding its monitoring of cryptocurrency activity. Massachusetts authorities allege that Kalshi has violated state sports gambling laws.
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