USDH Stablecoin: New Star in the Crypto Sky

The highly anticipated USDH Stablecoin from Hyperliquid is now officially available for trading. After a successful bidding war for the coveted ticker symbol, which Native Markets secured, the Stablecoin went live on Wednesday. Over $15 million worth of the coin had already been pre-minted 24 hours before the launch. Hyperliquid had initiated the process to acquire the USDH ticker at the beginning of the month, sparking a wave of offers from numerous crypto firms such as Paxos, Agora, and Ethena, which is backed by BlackRock. Despite the strong competition, the newly founded Native Markets prevailed. Max Fiege, co-founder of Native Markets, proudly announced that Hyperliquid's future course would be driven by the introduction of native stablecoins and expressed excitement about representing USDH at the forefront. The company's proposal includes donating half of the USDH proceeds to the Hyperliquid Assistance Fund, a buy-back fund. The USDH Stablecoin is designed to be backed by a mix of cash and U.S. equivalents. These are managed by Bridge, a platform acquired by Stripe. Despite Native Markets' clear competitive advantages, market participants from Myriad saw a 96% chance that Native Markets would win the bid even before the vote. Simultaneously, USDH enters the market at a time when Hyperliquid faces strong competition from Aster. This decentralized exchange based on the BNB Chain recently surpassed Hyperliquid in trading volume upon its launch but remains behind Hyperliquid in weekly trading volume and revenue.