- Hyperliquid’s USDH stablecoin is live, with over $15 million minted in the first 24 hours, boosting its DeFi presence.
- Native Markets aligns USDH with the Assistance Fund, contributing $0.50 of each USDH dollar earned to the cause.
- Aster DEX has surpassed Hyperliquid in daily revenue, intensifying competition as both platforms continue to grow their market share.
Hyperliquid’s native stablecoin, USDH, has officially launched on the network’s HyperCore platform, signaling a significant milestone in the DeFi space. The launch follows a recent announcement from Native Markets, which revealed that USDH is now live for all users, with the USDH/USDC spot order book now available. In just the past 24 hours, over $15 million USDH has been pre-minted, emphasizing the strong initial demand for the stablecoin.
This launch comes shortly after Native Markets secured the bid to issue Hyperliquid’s native stablecoin, underscoring the rapid progress made since the agreement. With USDH now active on HyperCore, the stablecoin aims to become a key player in the DeFi ecosystem, competing in a rapidly growing and increasingly competitive market.
Hyperliquid Joins the DeFi Race with USDH
USDH has been minted directly on the HyperEVM, with Native Markets aligning the coin with the Assistance Fund. This partnership strengthens the stability and credibility of USDH, offering it as a secure asset fully backed by cash and short-term U.S. treasuries. In addition, the platform revealed a commitment to supporting the Assistance Fund, with $0.50 from every dollar earned by USDH reserves being allocated to this cause.
Native Markets also outlined plans to expand USDH’s presence, with plans to integrate it as a quote asset in the spot market and implement native minting features on HyperCore. Additionally, USDH-margined perpetual order books are set to be rolled out soon via HIP-3, marking another step toward deeper integration within Hyperliquid’s ecosystem.
Competition Intensifies with Aster DEX
As USDH enters the DeFi scene, competition with Aster DEX continues to heat up. Aster DEX has recently outpaced Hyperliquid in daily revenue, generating $10 million in the last 24 hours compared to Hyperliquid’s $3 million. Despite this, both platforms lag in trading volume, with Aster DEX and Hyperliquid ranking 10th and 12th, respectively.
Aster DEX, which has garnered endorsement from CZ, the CEO of Binance, has positioned itself as a serious competitor. The DEX has already integrated features like direct deposits from the Solana network and launched cross-chain swaps on Solana via PancakeSwap. Aster DEX is also preparing to launch its own native layer-1 chain, which will prioritize trade privacy while ensuring verifiability. This move reflects a broader trend within the DeFi space of platforms investing in privacy features while competing for market share.
