Native Markets wins bid for Hyperliquid stablecoin USDH, plans to enter the test phase "within a few days"

PANews September 15th news, according to The Block, Hyperliquid's validator community has selected Native Markets to obtain a long-term reserved USDH trading code. The week-long competition attracted many giants in stablecoins and cryptocurrency infrastructure to participate in the bidding, and it has come to an end. In a post announcing the results, Native Markets said it will immediately launch a phased launch program, starting with the small-scale casting and redemption testing phase, then opening a USDH/USDC spot trading pair and finally lifting the limit. The team considered the limit as a security check before the full rollout and said the activities should be launched “within days.” According to the proposal, Native Markets' USDH will be issued natively on Hyperliquid's HyperEVM network, with reserves jointly managed by off-chain and on-chain assets, and a clear plan to allocate reserve income to HYPE repurchase and expand USDH circulation. The stablecoin will "full support in cash and Treasury equivalents" in off-chain reserves originally managed by BlackRock and on-chain reserves managed by Superstate via Bridge."