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Announcement · May 14, 2026

A new era for Hyperliquid stablecoins

Thank you for using USDH.

Native Markets set out to provide Hyperliquid with a stablecoin that put users first, rather than treating them as an afterthought. We built this with the implementation of our Aligned Quote Asset (AQA), creating synergy between the growth of USDH and Hyperliquid.

Today, Coinbase announced its plan to expand support of Hyperliquid by becoming the official treasury deployer of USDC as an Aligned Quote Asset. Under AQAv2, treasury deployers will share the vast majority of the reserve yield revenue on their Hyperliquid supply with the protocol. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. Coinbase will now carry on the AQA torch while continuing to deliver value to the Assistance Fund and empowering Hyperliquid with one of the strongest voices for crypto in the United States.

Native Markets remains independent and is focused on its next chapter.

We're proud to have brought incumbents to the table with USDH, shifting economics not just for Hyperliquid, but for all stablecoin ecosystems. With today's news, we now see an even broader shift. We look forward to the growth this next phase will unlock for Hyperliquid.

USDH remains fully backed and maintained, with feeless conversions into USDC and fiat for onboarded customers available on dashboard.usdh.com. USDH markets are fully functional but will sunset over time. We will coordinate with HIP-3 and HIP-1 deployers to ensure that their migrations to USDC order books are complete before doing so.

Native Markets will continue to support the USDH.com dashboard as well as ample secondary liquidity in the USDH / USDC spot order book for the duration of the migration period. Moreover, USDH will be redeemable via its issuer, Bridge, and collateral reserve attestations will continue to be published.

Thank you to all of the Hyperliquid builders who chose to build with USDH out of their commitment to the ecosystem. We are working closely with Hyperliquid Labs and the Hyper Foundation to ensure a smooth migration from USDH to USDC for all users and builders. Please feel free to reach out to us at [email protected] or our existing communications channels if you have any further questions.

USDH Redemption Guide

For most users, the easiest way to convert USDH to USDC is via the USDH/USDC HyperCore spot orderbook. Native Markets is working with partners to ensure ample spot liquidity is maintained during the sunset period.

Bridge will maintain zero-fee USDH to USDC and fiat conversion on redeem.bridge.xyz over the coming months. This conversion method will remain after the USDH Dashboard has been sunset.

Previously KYC onboarded users may convert USDH to USDC or redeem to fiat via the following methods on dashboard.usdh.com:

Deposit USDH → USDC

  1. Navigate to “Withdraw”
  2. Select “Deposit USDH → USDC”
  3. Select your preferred chain and destination wallet
  4. Generate your HyperEVM deposit address.Note: Do NOT send USDH from HyperCore, or the Hyperliquid frontend.
  5. Send USDH on HyperEVM to your generated deposit address
  6. Receive USDC with zero fees or slippage on your desired chain

Bank/Brokerage Transfer

  1. Navigate to “Withdraw”
  2. Select “Bank/Brokerage Transfer”
  3. Select bank account type
  4. Input transfer instructions from your bank
  5. Generate your HyperEVM deposit address.Note: Do NOT send USDH from HyperCore, or the Hyperliquid frontend.
  6. Send USDH on HyperEVM to your generated deposit address
  7. Receive USD to your bank or brokerage account

Users may alternatively swap or bridge USDH for USDC in the following locations. These methods will likely incur additional fees and slippage:

USDH Migration FAQ

How do I convert my USDH?

For most users, the easiest way to convert USDH to USDC is via the USDH/USDC HyperCore spot orderbook. Native Markets has engaged partners to ensure ample spot liquidity throughout the two month sunset period.

Previously onboarded users may convert USDH to USDC or redeem to fiat via the following methods on dashboard.usdh.com.

Bridge will maintain zero-fee USDH to USDC and fiat conversion on redeem.bridge.xyz over the coming months. This conversion method will remain after the USDH Dashboard has been sunset.

For detailed redemption instructions, visit usdh.com/migration.

Where can I see USDH reserves?

USDH remains backed 1:1, and reserve attestations are maintained on usdh.com/reserves. We will continue to post reserve attestations each month during the sunset period.

How long will USDH redemptions be available for?

The USDH dashboard will be supported for the next two months and sunset thereafter. The redeem.bridge.xyz redemption dashboard will remain available after that (requires KYC), and the USDH/USDC spot order book will persist indefinitely.

What happens to HIP-3 and HIP-1 markets?

We are working with HIP-3 and HIP-1 deployers to assist in their migration. These markets are fully operational in the interim, but will be wound down over the course of the sunset period.

Is USDH fully backed?

Yes, USDH is backed 1:1, and all markets remain fully operational.

What's happening to Native Markets next?

Native Markets remains independent and is focused on its next chapter. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets.

Did Native Markets get acquired?

No, Native Markets remains independent and is focused on its next chapter.

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