Hyperliquid DEX Plans Launch of Proprietary USD Stablecoin USDH
Decentralized exchange Hyperliquid (HYPE) plans to launch a U.S. dollar stablecoin, USDH, as announced by the Hyperliquid Foundation on Discord.
Key points:
- The USDH ticker is reserved and will be allocated through an on-chain governance vote by validators.
- Teams can submit proposals for deploying USDH, with a winning group selected by validator quorum.
- Stablecoins are essential in crypto markets, currently a $270 billion asset class dominated by Tether's USDT and Circle's USDC.
- Hyperliquid recorded $398 billion in perpetual derivatives trading and $20 billion in spot trades last month, indicating potential demand for USDH.
- The introduction of USDH could decrease reliance on Circle and generate revenue from backing assets.