Crypto Quill

Hyperliquid just unleashed its new USDH stablecoin, racking up nearly $2 million in early trades right out of the gate. This move could shake up how traders handle dollars on the blockchain, cutting ties with outside stablecoins. But what’s driving this buzz, and can it really challenge the big players?

Launch Sparks Quick Action in Crypto Trading

The USDH stablecoin went live on Hyperliquid’s network on September 24, 2025, starting with a trading pair against USDC. Traders jumped in fast, pushing the volume past $2 million in the first hours. This debut marks Hyperliquid’s push for a homegrown dollar asset, backed by cash and U.S. Treasury holdings.

Native Markets won the right to issue USDH after a tight vote, beating out names like Paxos and Ethena Labs. They pre-minted 15 million tokens before the launch, setting the stage for smooth rollout.

Early data shows USDH trading at about $0.9996, holding steady near its dollar peg.

This isn’t just another token drop. It aims to give users a reliable on-chain dollar for collateral and trades across Hyperliquid’s HyperEVM setup.

Why Hyperliquid Needed Its Own Stablecoin

Hyperliquid, a top decentralized exchange for derivatives, has seen massive growth. Recent stats from crypto trackers show it handling billions in monthly volume, with open interest hitting highs like $13.8 billion.

But relying on external stablecoins like USDC meant leaking revenue and facing risks from outside controls. USDH changes that by keeping everything in-house, boosting security and efficiency.

By creating USDH, Hyperliquid reduces dependence on other issuers, which could save millions in fees each year.

Traders now have a native option for spot markets and lending, potentially drawing more users to the platform.

In a market where stablecoins total nearly $294 billion in value, this launch taps into a hot trend. Research from CoinMarketCap in 2025 notes stablecoin growth exploding as DeFi expands.

Rivalry Heats Up in Decentralized Finance

The launch comes amid fierce competition. Aster DEX, another player, recently topped daily revenue charts, putting pressure on Hyperliquid.

Yet Hyperliquid boasts strong numbers: over 70% market share in perpetual DEX trading and annual revenue nearing $1 billion, based on data from analytics firm DefiLlama analyzed in mid-2025.

Here’s how USDH stacks up against rivals:

• Market Cap Potential: Starts with $24 million, ranking it 83rd among stablecoins.
• Backing Strength: Fully reserved with treasuries, unlike some algorithmic models.
• Integration Plans: Set for deeper use in Hyperliquid’s spot and lending features.

This could fuel token buybacks for Hyperliquid’s native HYPE, rewarding holders.

A study by Brave New Coin in 2025 highlights how native stablecoins help platforms like Hyperliquid capture more value, estimating $220 million in yearly revenue gains from reduced leaks.

One trader’s massive positions, like a $121 million bet across assets, show the platform’s appeal for big players.

What This Means for Everyday Crypto Users

For regular folks dipping into crypto, USDH offers a simpler way to trade without bridging funds from other chains. It lowers fees and speeds up deals on Hyperliquid.

But questions linger: Will it scale beyond early hype? Some X posts buzz about the launch, with users noting quick minting of over 210 million in similar assets on the network.

Hyperliquid’s track record is solid, with daily volumes sometimes topping $7 billion, per 2025 reports from TradingView.

Still, the crypto world is volatile. A 2025 report from Yahoo Finance warns that new stablecoins must prove stability during market dips to gain trust.

Users should watch how USDH handles stress tests in coming weeks.

This launch wraps up a year of wins for Hyperliquid, from record fees to expanding its ecosystem. It shows how decentralized finance keeps evolving, giving power back to users and cutting out middlemen. As someone who’s covered markets for 25 years, I see this as a bold step that could redefine trading norms, sparking hope for more inclusive finance while raising fears of regulatory pushback.