Native Markets secures the issuance rights of Hyperliquid stablecoin USDH, with assistance from Stripe and Bridge.

The decentralized perpetual futures exchange Hyperliquid previously held an on-chain bidding war to determine who could be the issuer of its stablecoin USDH. Notably, in the end, Bridge, a subsidiary of Stripe, outperformed competitors such as Paxos, Agora, and Ethena through its partner Native Markets, successfully securing the issuance rights for USDH.

The USDH bidding war has begun, with various operators scrambling to join.

Hyperliquid announced the issuance of its own USD stablecoin USDH on September 8, and the cooperative issuer will be decided by a vote from the platform validators. Hyperliquid calls for teams interested in assisting with the issuance of USDH to submit proposals and be elected through the on-chain governance process.

This auction attracted participation from several well-known companies, including Paxos, Frax Finance, Agora, Ethena, and the startup Native Markets, which collaborates with Stripe's stablecoin division, Bridge.

The bidding conditions are astonishing, offering zero income or high profit margins to grab contracts.

According to Bloomberg reports, various operators are offering amazing promotional terms to secure contracts with Hyperliquid:

Paxos: Promises to not take any profits until the scale of USDH has not reached 1 billion USD.

Agora: Propose to distribute 100% of the profits to Hyperliquid.

Ethena: Proposes to distribute 95% of the profits to Hyperliquid.

However, in the end, Native Markets gained the favor of validators through its cooperation advantages with Stripe, successfully securing the issuance rights for USDH.

Native Markets' four major execution strategies for the issuance of USDH.

According to reports, Native Markets has developed a comprehensive execution plan for the launch of Hyperliquid's native stablecoin USDH, which includes clear strategies for the onboarding process, asset reserves, as well as revenue distribution and community governance.

1. Gradual Launch: Closed Testing + Limited Minting

The first wave is a core strategy of phased rollout. Native Markets will first conduct a closed test, with each user having a minting limit of 800 USDH, while also restricting the redemption amount, to test the system's stability and on-chain operation on a small scale.

After the test is completed, the USDH/USDC spot trading pair will be opened first, and then restrictions will be gradually lifted to expand market usage.

2. Dual Reserve Model: On-chain and Off-chain Parallel

USDH adopts a dual reserve ( Dual Reserve ) design, dividing assets into on-chain and off-chain management:

Off-chain: Managed by BlackRock (, assets such as fiat currencies and US Treasury bonds are ensured to be safe and compliant.

On-chain: Managed by Superstate and Bridge, operating on-chain reserve assets.

3. Profit Distribution: Closely linked with the Hyperliquid ecosystem

The profits generated from the USDH reserves will be returned to the Hyperliquid ecosystem:

HYPE Token Buyback: A portion of the revenue is used to buy back Hyperliquid platform coin HYPE, promoting the coin price and platform development.

Promotion and Expansion: Another part is used to drive the adoption of USDH, such as incentive programs or other marketing.

4. Governance and Community Participation: Validator Decision Core

Native Markets was the first to submit a proposal to Hyperliquid in this bidding process and maintained a lead throughout the voting process through predictive markets and endorsements from early supporters. Important validators, including CMI Trading, expressed their support early on, which boosted community confidence.

Stripe invests 1.1 billion USD to acquire Bridge, entering the stablecoin battlefield.

Stripe acquired the stablecoin startup Bridge for $1.1 billion in February this year and partnered with crypto venture capital firm Paradigm to launch its own blockchain, Tempo. With Bridge's compliance advantages in the U.S., Stripe successfully obtained a Money Transmitter License in 30 states, )MTL(, and successfully integrated with multiple wallet providers and exchanges.

This time, Native Markets successfully obtained the issuance rights for USDH, which also made Stripe an important driver of Hyperliquid's native stablecoin, and can be seen as a significant breakthrough for Stripe in the development of crypto infrastructure.

Agora claims to go against the spirit of Decentralization, Circle: unaffected

However, regarding this bidding, Nick van Eck, co-founder of the stablecoin startup Agora, stated that handing over the core stablecoin to “vertically integrated issuers with conflicts of interest” may violate the spirit of Decentralization.

Currently, Hyperliquid's main stablecoin supply is primarily USDC ), exceeding 6.2 billion USD, accounting for over 95% (. After the bidding news broke, Circle calmly stated that it would not be affected. However, the industry generally believes that the launch of USDH may change the flow of funds in the stablecoin market.

According to DefiLlama data, USDC still accounts for 95% of Hyperliquid's stablecoin supply.

)Hyperliquid will issue stablecoin USDH? Paxos, Frax, Agora, Ethena are competing for it (

This article reports that Native Markets has secured the issuance rights for the Hyperliquid stablecoin USDH, with assistance from Stripe and Bridge, first appearing in on-chain news ABMedia.