Asia Morning Briefing: Native Markets Wins Right to Issue USDH After Validator Vote

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Hyperliquid’s validator community has chosen Native Markets to issue USDH, ending a weeklong contest that drew proposals from Paxos, Frax, Sky (ex-MakerDAO), Agora, and others.

Native Markets, co-founded by former Uniswap Labs president MC Lader, researcher Anish Agnihotri, and early Hyperliquid backer Max Fiege, said it will begin rolling out USDH “within days,” according to a post by Fiege on X.

Native Markets has been awarded the USDH ticker on Hyperliquid.

Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.

— max.hl (@fiege_max) September 14, 2025

According to onchain trackers, Native Markets’ proposal took approximately 70% of validators’ votes, while Paxos took 20%, and Ethena came in at 3.2%.

The staged launch starts with capped mints and redemptions, followed by a USDH/USDC spot pair before caps are lifted.

USDH is designed to challenge Circle’s USDC, which currently dominates Hyperliquid with nearly $6 billion in deposits, or about 7.5% of its supply. USDC and other stablecoins will remain supported if they meet liquidity and HYPE staking requirements.

Most rival bidders had promised to channel stablecoin yields back to the ecosystem with Paxos via HYPE buybacks, Frax through direct user yield, and Sky with a 4.85% savings rate plus a $25 million “Genesis Star” project.

Native Markets’ pitch instead stressed credibility, trading experience, and validator alignment.

Market Movement

BTC: BTC has recently reclaimed the $115,000 level, helped by inflows into ETFs, easing U.S. inflation data, and growing expectations for interest rate cuts. Also, technical momentum is picking up, though resistance sits around $116,000, according to CoinDesk’s market insights bot.

ETH: ETH is trading above $4600. The price is being buoyed by strong ETF inflows.

Gold: Gold continues to trade near record highs as traders eye dollar weakness on expected Fed rate cuts.

Elsewhere in Crypto:

• Pakistan’s crypto regulator invites crypto firms to get licensed, serve 40 million local users (The Block)
• Inside the IRS’s Expanding Surveillance of Crypto Investors (Decrypt)
• Massachusetts State Attorney General Alleges Kalshi Violating Sports Gambling Laws (CoinDesk)

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