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Hyperliquid's Validator Community has concluded a week-long contest in which it selected the native market to issue USDH and elicited proposals from Paxos, Frax, Sky (Ex-Makerdao), Agora and more.
Native Market, co-founded by former Uniswap Labs president Mc Lader, researcher Anish Agnihotri and early high lipid advocate Max Fiege, said that, according to a Fiege post, USDH will begin rolling out “within days.”
The native market is awarded USDH tickers for high lipids.
We thank all hype stakers and network validators for their time and effort in reviewing proposed proposals.
-max.hl (@fiege_max) September 14, 2025
According to Onchain Trackers, the Native Market proposal won around 70% of the validator vote, with Paxos taking 20% and Ethena at 3.2%.
The staged launch begins with capped mint and red spurts followed by a USDH/USDC spot pair before the cap is released.
USDH is designed to challenge Circle's USDC, which currently controls high lipids at nearly $6 billion in deposits or around 7.5% of its supply. USDC and other stubcoins will continue to be supported if they meet liquidity and hype staking requirements.
Most rival bidders had promised to buy back the yields of Stablecoin hype and return to the ecosystem using Paxos via Frax directly through user yields.
Instead, the native market pitch highlighted reliability, trading experience, and adjustments to validators.
Market movements
BTC: BTC recently revives a $115,000 level that helps to inflows into ETFs, ease US inflation data and raise expectations for interest rate cuts. And while the resistance is around $116,000, according to Coindesk's Market Insights Bot, the technical momentum is recovering.
ETH: ETH is traded for over $4,600. Prices are supported by a strong inflow of ETFs.
gold: Gold continues to trade near record highs as traders witness the dollar weakening as the expected Fed rate cut.
Other locations in the code:
- Pakistani Crypto-regulators invite crypto companies to obtain licenses and provide services to 40 million local users (blocks)
- The IRS' growing expansion of crypto investors' surveillance (decryption)
- The Massachusetts Attorney General claims that Calci violates the Sports Gambling Act (Coindesk)
