Native Markets officially acquired the USDH stablecoin ticker on Hyperliquid after winning a community vote on Sunday (September 14, 2025). This victory ended a tight competition for stablecoin issuance in the decentralized exchange (DEX) ecosystem.
USDH Voting
This voting process marks a significant milestone in Hyperliquid governance. The entire mechanism is conducted on-chain, with vote weight determined by the number of HYPE tokens staked. For a proposal to pass, it must receive support from at least two-thirds of the total stake.
According to USDH Tracker data, Native Markets successfully secured 71.60% voting power with the support of 10 validators and a total stake of 106 million HYPE. Several major validators supporting the initiative include Nansen x HypurrCollective, Hypurrscanning, infinitefield.xyz, and HyperStake.
Native Markets’ Next Steps
Max Fiege, Founder of Native Markets, explained in a post on X that the project will be the first to implement the Hyperliquid Improvement Proposal (HIP) for USDH. Soon, Native Markets will also release an ERC-20 token compatible with the Ethereum network.
“After that, we will begin a test phase of minting and redeeming up to US$800 per transaction for an initial group. Next, we will open a spot USDH/USDC order book, before eventually implementing unlimited minting and redeeming,” Fiege wrote.
Native Markets’ dominance has been unstoppable since Saturday, with a chance of winning reaching over 99% on Polymarket. This momentum was further strengthened after its strongest competitor, Ethena—the issuer of the synthetic stablecoin USDe—decided to withdraw from the competition last week. Other proposals, such as Paxos Labs, only managed to secure 20.73% of the vote, while unassigned validators secured 4.40% of the vote.
Voting Process Controversy
Although the voting results have been officially announced, the process has drawn criticism from the crypto community. Many believe the mechanism lacks transparency and tends to favor Native Markets.
Dragonfly Managing Partner, Haseeb Qureshi, even called the voting results a mere “formality.” According to him, several participants claimed that the validators never truly considered candidates other than Native Markets.
“It’s as if there was a behind-the-scenes agreement,” he said.
Meanwhile, RPC Helius CEO Mert Mumtaz believes this competition shows that stablecoins are now more like commodities than financial innovations. He even speculates that in the future, US dollar-based stablecoin tickers will disappear from exchange homepages. Instead, users will simply see the generic “USD” label, while the exchange’s automated system handles the exchange between stablecoins behind the scenes without user intervention.