Good morning, Asia. Here’s what makes news in the markets:
Welcome to Asia Morning Briefing, a daily overview of top stories during the US HOURS and an overview of market movements and analysis. For a detailed overview of US markets, see Coindesk’s Crypto Doybook Americas.
Hyperliquids Validator -Society has chosen native markets to issue USDH and end a week long competition that drew suggestions from Paxos, Frx, Sky (ex-Makerdao)Agora and others.
Native markets, co-founded by former Uniswap Lab’s President MC Lader, researcher Anish Agnihotri and Early Hyperliquid Bagmand Max Fiege said it will start rolling USDH “within days”, according to a post by Fiege on X.
Native markets have been awarded USDH Ticker on Hyperliquid.
Thank you to all the hype stackers and network validators for their time and effort to review the suggestions made.
– MAX.HL (@fiege_max) September 14, 2025
According to Onchain Trackers, the proposals of native markets took approx. 70%of validators’ votes, while Paxos took 20%and Ethena came at 3.2%.
The staged launch starts with uncovered coins and redemptions, followed by an USDH/USDC spot pair before hoods are lifted.
USDH is designed to challenge Circle’s USDC, which is currently dominating Hyperliquid by almost $ 6 billion in deposits, or approx. 7.5% of its supply. USDC and other stableecoins remain supported if they meet the requirements for liquidity and hype.
Most rival bidders had promised to channel stablecoin yields back to the ecosystem with paxos via hype repurchase, frx through direct user yield and cloud with a savings rate of 4.85% plus a $ 25 million “Genesis Star” project.
Native markets’ pitch instead emphasized credibility, trade experience and validator adjustment.
Market movement
BTC: BTC recently regained the level of $ 115,000, aided by influx to ETFs, relieved US inflation data and growing expectations of interest collections. Technical Momentum is also picking up, although resistance sits around $ 116,000, according to Coindesk’s Market Insights Bot.
ETH: ETH trades over $ 4600. The price is bent by strong ETF flow.
Gold: Gold continues to trade near record highs as dealers eye dollar weakness by expected cuts in the fed.
Elsewhere in crypto:
- Pakistan’s crypto -regulator invites cryptophy companies to get a license, serve 40 million local users (the block)
- Inside IRS’s expanding monitoring of cryptoinvestors (decryptter)
- Massachusetts State Attorney General claims that Kalshi violates Sports Spillove (Coindesk)
