Native Markets wins USDH stablecoin bid, plans to launch token testing within days

According to ChainCatcher, according to The Block, the Hyperliquid ecosystem team Native Markets won the USDH token bid. Several major cryptocurrency companies participated in the bid, including institutional participants such as Paxos and BitGo, as well as crypto-native companies such as Ethena and Frax. As the first company to submit a proposal, Native Markets has received support from a two-thirds majority staked HYPE token and plans to launch the token testing phase “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 initially managed by BlackRock and on-chain reserves managed by Superstate through Bridge.”