USDH stablecoin has been officially awarded to Native Markets following a successful governance vote on Hyperliquid, and it’s backed by BlackRock reserves. The USDH stablecoin will cap user holdings at $800 right now during its testing phase, which is a pretty significant development for native markets on the platform.

Max from Native Markets had this to say:

“Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.”

Native Markets has been awarded the USDH ticker on Hyperliquid.

Thank you to all HYPE stakers and network validators for their time and effort in reviewing the proposals put forward.

— max.hl (@fiege_max) September 14, 2025

USDH Stablecoin Launch: Hyperliquid, Native Markets, BlackRock And Governance Vote

Governance Vote Secures USDH Ticker for Native Markets

The governance vote process on Hyperliquid ended up resulting in Native Markets receiving approval for the USDH stablecoin ticker. This decision shows the platform’s commitment to decentralized decision-making, with validators and also HYPE stakers participating in the selection process for the USDH stablecoin implementation.

The last few days have been incredible to witness. I've never seen a community rally around and engage with passion like this before.

Following direct discussions with individuals in the community and validators we have taken onboard some of the concerns, namely:

-Ethena is not…

— G | Ethena (@gdog97_) September 11, 2025

Native markets are going to benefit from this structured approach to stablecoin deployment, ensuring community consensus before major protocol changes happen. The governance vote addressed various community concerns while maintaining transparency throughout the decision-making process.

BlackRock-Backed Reserves Support USDH Launch

The USDH stablecoin will utilize BlackRock’s institutional infrastructure for reserve management, which provides enhanced stability for users. This partnership brings traditional finance expertise to the USDH coin ecosystem while maintaining the decentralized nature of Hyperliquid’s native markets.

Also Read: HYPE Surges 12% & Eyes New ATH Despite Hyperliquid’s Compromised X Account

Technical Implementation and Testing Phase

Native Markets announced the deployment timeline for the USDH stablecoin, including both HIP-1 and ERC-20 versions. The testing phase will begin with controlled minting and also redemption limits.

We will be deploying both the USDH HIP-1 and corresponding ERC-20 within days.

We will then start with a testing phase for mints and redeems of up to $800/tx with an initial group, to be followed by the opening of the USDH/USDC spot order book as well as uncapped mints &…

— max.hl (@fiege_max) September 14, 2025

Max from Native Markets confirmed:

“We will be deploying both the USDH HIP-1 and corresponding ERC-20 within days. We will then start with a testing phase for mints and redeems of up to $800 per user to be followed by the opening of the USDH/USDC spot order book as well as uncapped mints & redeems.”

The USDH coin rollout includes specific parameters to ensure system stability while allowing users to experience native markets functionality with proper risk management controls in place right now.

Also Read: China Launches Digital Counteroffensive Against Dollar-Backed Stablecoins