Decentralized Exchange Hyperliquid (Hype) Preparing to launch its own US dollar stableecoin, according to a Friday message from the Hyperliquid Foundation on the Platform’s Discord server.
The protocol has reserved Ticker USDH, which Validators will soon vote to sell through an on-chain management process, the message reads. Teams interested in implementing USDH can submit proposals and the winning group is selected by Validator Quorum, the post added.
“The USDH ticker is suitable for a hyperliquid-first, hyperliquid-adapted and compatible USD stableCoin,” it said.
Stableecoins are a crucial piece of infrastructure of crypto markets that serve as liquidity and trading pairs to run most trades. It is an asset class of $ 270 billion currently dominated by Tether’s USDT and Circle’s USDC. But with regulation introduced, such as the genius action in the United States, industry players are increasingly creating their own token for their ecosystems. Popular Crypto-Wing Book Metamask launches a stableecoin with infrastructure provider M0, while the payment company Stripe created its own internal stableecoin with bridge.
Hyperliquid’s trading activity suggests that there may be immediate demand. The exchange handled $ 398 billion in eternal derivatives trading volume and $ 20 billion in spot trades last month, Defillama shows. Circle’s USDC (USDC) Currently dominates liquidity, which amounts to 95% of the stableecoin supply of $ 5.6 billion on the network.
By introducing its own stableecoin, hyperliquid could in theory reduce the dependence of circle, while the capture of revenue from assets supporting the token.
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