Hyperliquid’s USDH Stablecoin Launches with $2M Trading Volume
Key Points on Hyperliquid's USDHL Stablecoin Launch:
- Hyperliquid's stablecoin, USDHL, launched by Native Markets, achieved over $2 million in initial trading volume.
- The USDH/USDC pair is currently trading at 1.001 with a volume of 2,244,932.79 USDC.
- Native Markets was selected to use the USDH ticker after a competitive bidding process involving Paxos, Ethena, and Frax.
- USDHL is backed by cash and short-term U.S. Treasury securities, reducing reliance on external stablecoins like USDC.
- Half of the reserve income from USDHL funds HYPE buybacks, while the other half supports ecosystem growth.
- Hyperliquid dominates the on-chain perpetuals DEX sector, holding 35% of global activity, down from 70% in May.