The stablecoin turf war just got spicy. Hyperliquid’s USDH ticker has been locked down, and the story’s got all the drama that even your office coffee break couldn’t serve up.
The big winner? Native Markets. Yeah, the scrappy challenger came out swinging, snagging a solid 70% of the votes from Hyperliquid’s validator crew, leaving big names like Paxos and Ethena in the dust.
Claiming the crown
Native Markets didn’t waste a second, dropping their proposal a mere hour and a half after Hyperliquid’s call to arms.
They tweaked it on the fly, took community feedback seriously, and scored a win without the Hyperliquid Foundation even lifting a finger in the voting. Validators had the final say, and boy, they made it loud and clear.
Now, here’s the fun part, other heavy hitters like Paxos, BitGo, and Ethena threw their hats in the ring too. But even with their street cred, they couldn’t keep pace.
Ethena eventually bowed out, leaving Native Markets with practically a 100% chance to claim the crown, looks like a clear underdog story turned legend.
We will be deploying both the USDH HIP-1 and corresponding ERC-20 within days.
We will then start with a testing phase for mints and redeems of up to $800/tx with an initial group, to be followed by the opening of the USDH/USDC spot order book as well as uncapped mints &…
— max.hl (@fiege_max) September 14, 2025
Backroom deal?
But hey, no good drama’s complete without a little controversy. Haseeb Qureshi from Dragonfly Capital rubbed some people the wrong way with his shade-throwing about the process.
His gripe? That the validators were basically playing favorites, already backing Native Markets behind closed doors.
Sounds like your classic “there’s a backroom deal” moment from those gangster flicks we all love, but in crypto town. Makes you wonder how fair the game really was.
So now, with USDH stepping into the ring, Circle’s USDC faces some serious heat. USDC’s no lightweight, though, it’s been the go-to stablecoin for a reason.
Hyperliquid promises to keep USDC and others on the dance floor, but only if they bring enough muscle, like that fat $10 million HYPE stake, a solid dollar peg, and enough liquidity to play nice with both USDC and HYPE tokens.
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Stablecoin hierarchy
Market moves are whispering loud hints. Circle’s stock took a hit, dropping over 16% since USDH entered the scene, with the latest dip showing no mercy.
The HYPE token felt a bit of the pinch too, slipping just over 1%.
The USDH launch is shaking up the stablecoin hierarchy. Native Markets walked into the fight fast, confident, and they grabbed a spotlight that’s made the established players sweat.
Whether USDH can topple USDC’s empire is unknown, but the battle for dollar domination just got a whole lot more interesting.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: September 17, 2025 • 🕓 Last updated: September 16, 2025
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