Native Market Obtains Issuance Rights for Hyperliquid Stablecoin USDH

Native Market won the bidding competition for USDH, the dedicated stablecoin (a crypto asset pegged to fiat currency) of the decentralized exchange (DEX) Hyperliquid (HYPE).

On the 14th (local time), crypto-focused media Cointelegraph reported that the issuer of USDH was decided as Native Market through a community vote.

Native Market plans to deploy USDH and the ERC-20 token standard used on the Ethereum (ETH) network through Hyperliquid's first improvement proposal. On that day, Max Pidgey, founder of Native Market, said on X (formerly Twitter), "We plan to conduct sufficient testing from the early stages with the launch of USDH," and "Afterwards we will support trading up to $800 and then proceed with unlimited minting and redemption."

However, there are voices of criticism regarding Native Market winning the USDH bid.

Hasib Qureshi, managing partner at Dragonfly, said, "The USDH request for proposal (RFP) seemed like a meaningless show from the start," and "Many bidders heard that the validators didn't even consider anyone other than Native Markets. There wasn't in-depth discussion as if it had already been decided behind the scenes," he pointed out.