USDH
USDH Rank #868Price chart
What is USDH?
Original design
USDH was designed for payments and trading within Hyperliquid. It used the network's HyperCore token standard alongside a linked HyperEVM representation. The stablecoin targeted a value of one US dollar. Its reserve model used cash and cash equivalents. Issuance and redemption depended on the issuer's arrangements rather than mining or validator rewards.
Wind-down
Native Markets announced plans to cease USDH support on May 14, 2026. Holders were encouraged to convert their balances into USDC or cash. The company also granted Coinbase rights to the USDH brand assets. Coinbase announced plans to deploy USDC as an aligned quote asset on Hyperliquid. These announcements set out the wind-down of the original Native Markets stablecoin initiative. USDH balances and conversion arrangements must therefore be understood in the context of this wind-down. The asset is separate from the HYPE network token. It is also distinct from the unrelated Solana stablecoin that uses the same ticker.
Where to trade USDH
2 exchanges · top 10
Live spot quotes from connected exchanges
USDH funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.