Native Markets has been awarded the right to list its USDH stablecoin on Hyperliquid after a heated debate that has sparked controversy in the crypto community.
Native Markets has been awarded USDH ticker after fierce competition
The Native Markets team has officially acquired the USDH ticker for the new stablecoin on the Hyperliquid exchange. The decision was made following a community vote that ended a weeks-long battle between several contenders.
Native Markets founder Max Fige said that the first Hyperliquid Improvement Proposal (HIP) for USDH will be launched in the coming days, as well as an ERC-20 token. The first phase involves test issues and coin redemptions of up to $800 per transaction. After that, it is planned to open a USDH/USDC order book and launch unlimited transactions.
Back on Thursday, Native Markets’ chances of winning increased dramatically after its competitor, Ethena, a well-known issuer of synthetic stablecoins, withdrew from the race. On the Polymarket platform, Native Markets’ chances reached 99%, and the final vote only confirmed the result.
However, the process was not without criticism. Dragonfly Managing Partner Hasib Qureshi said that the competition looked like a “farce” because the validators allegedly did not seriously consider any other candidate. Such remarks have intensified discussions about the transparency of the selection.
Helius CEO Mert Mumtaz added that the situation showed that stablecoins are gradually becoming “commodities”. In the future, exchanges may abandon individual tickers altogether, showing users only a conditional “USD”, while all exchanges between stablecoins will be performed in the backend.
Thus, the fight over USDH became not only an internal issue for Hyperliquid, but also a reason for a broader discussion about the future of stablecoins in the crypto industry.
