Hyperliquid launched its native stablecoin, USDH, with a USDC trading pair, generating nearly $2 million in early trading. The stablecoin is backed by cash and US Treasury equivalents, managed by Native Markets, and minted on HyperEVM. Despite controversy, Native Markets won the bid for USDH issuance rights, securing over two-thirds of validators’ votes.

Hyperliquid’s HYPE token saw a 7% decrease in the past week. Competitor Aster’s daily perpetual trading volume surpassed $30 billion, doubling Hyperliquid’s $10 billion volume. The stablecoin race highlighted the growing competition in the decentralized exchange space.

Read more at Cointelegraph.: Hyperliquid launches USDH stablecoin issued by Native Markets