Native Markets wins Hyperliquid stablecoin USDH bidding, plans to enter testing phase "within days."

ChainCatcher news, according to market news, the validator community of Hyperliquid has selected Native Markets to receive the long-term reserved USDH trading code. This week-long competition attracted many giants in the stablecoin and cryptocurrency infrastructure sectors to participate in the bidding, and it has now come to a close.

In the post announcing the results, Native Markets stated that it will immediately launch a phased rollout plan, starting with a small-scale minting and redemption testing phase, followed by the opening of the USDH/USDC spot trading pair, and finally lifting the limits. The team views the limits as a safety check before the full launch and indicated that the related activities should "start within a few days."

According to the proposal, Native Markets' USDH will be natively issued on Hyperliquid's HyperEVM network, with reserves managed by both off-chain and on-chain assets, and it is explicitly planned to allocate reserve earnings to the HYPE buyback and the expansion of USDH circulation.

The stablecoin will be "initially fully backed by off-chain reserves managed by BlackRock and on-chain reserves managed by Superstate through Bridge, with cash and U.S. Treasury equivalents."