Hyperliquid’s very own stableecoin USDHL, developed by native markets, debuted on Wednesday and generated over $ 2 million in the early volume.
From writing, the hyperliquid-listed USDH/USDC couple traded to 1.001 with a total trading volume of $ 2,244,932.79.
Last week, Hyperliquid Validator -Society chose native markets to receive USDH -Ticker after a long bidding war that saw suggestions from Paxos, Ethena, Frx and others.
The Dollar-Pegged Stablecoin is naturally issued on Hyperevm and is backed up with cash and short-lived US state papers. Stablecoin will help reduce hyperliquid’s dependence on external stablecoins, such as the circular USDC, which accounts for over 90% of the deposits on the platform.
Having a homework stableecoin will help the platform maintain liquidity and yield generated from reserves within its own ecosystem. The USDH is designed to channel the dividend generated from its reserves to the ecosystem through a 50-50 split, so that half of the USDH reserve income revenue goes into financing hype-repurchases and the other half supports ecosystem growth initiatives.
Hyperliquid is the world’s leading on-chain eternal decentralized exchange and controls over 35% of global activity. It is market share, but has been sharply drawn from 70% at one point in May.
