About USDH
Native Markets is building $USDH, the Hyperliquid-native stablecoin.
USDH powers gas-free payments, enables noncustodial financial primitives, and unlocks access to deep liquidity in onchain markets. With its permissionless design, builders can seamlessly integrate USDH and tap into the vibrant Hyperliquid ecosystem and its network effects.
How is USDH backed?
All USDH is fully backed 1:1 by US Treasuries, cash, and cash equivalents. Offchain reserves are managed by BlackRock and custodied with JPMorgan Chase, while USDH onchain reserves are managed by Superstate and custodied in Fireblocks infrastructure. USDH is designed by Native Markets and issued by Bridge, a US-regulated entity. For more information and to view third-party reserve attestations, please visit our Transparency Page.
What are the benefits of using USDH?
Users of USDH enjoy deep liquidity and execution savings. Under the Aligned Quote Asset (AQA) framework, Hyperliquid traders will benefit from:
- 20% lower taker fees
- 50% higher maker rebates
- 20% volume contribution toward fee tiers
Notably, users will find foundational USDH integration within the Hyperliquid ecosystem, as well as the mitigation of the bridge risk carried by non-native stables.
The Hyperliquid ecosystem benefits from 50% of USDH reserve yield being directed to Hyperliquid's Assistance Fund, a component of the chain that programmatically converts fees to HYPE tokens. For more information, visit our Contributions page.
About Native Markets
USDH is built by Native Markets, a team of industry veterans with experience across payments, risk, and crypto-native engineering. With the expertise of alumni from Uniswap, BlackRock, Stripe, Circle, and Ramp, Native is well positioned to sculpt powerful new ways to transact. To learn more, visit nativemarkets.com.