ChainThink news, September 24, according to The Block, the stablecoin USDH issued by Native Markets has been listed on Hyperliquid, and the USDH/USDC trading pair has been opened. Early trading volume was approximately $2.2 million, showing a cautious but active start of the market.

USDH is the first dollar-pegged token issued through Hyperliquid's validator-led selection process. The stablecoin is natively deployed on HyperEVM and can be used across the Hyperliquid ecosystem. Native Markets won the auction at the beginning of this month, defeating companies such as Paxos, Frax, and Agora. The plan is to launch in phases, and the first USDH/USDC spot market will be launched within days after the proposal is approved.

The issuer stated that USDH reserves are fully backed by cash and short-term U.S. Treasury bonds. The initial configuration includes off-chain management and on-chain components, and transparency is provided through oracles. The proposal materials also suggest using part of the reserve earnings for HYPE buybacks, forming an economic cycle.