Hyperliquid mulls launch of USDH stablecoin

Hyperliquid may introduce a dollar-pegged stablecoin called USDH, according to an announcement shared by the team on Discord.

The decision has not yet been finalized. Validators will vote on whether to launch the asset and select the development team. The mechanism will mirror the process used for asset delistings, with voting carried out through first-layer transactions.

The upcoming protocol update will also slash taker, maker, and user fees by 80% for spot pairs with dual quotations. This aims to boost liquidity and reduce trading friction.

In addition, spot quotes will be made publicly accessible. To create a new pair, users will need to lock a “minimum” amount of HYPE tokens. “The exact figure and slashing mechanism will be disclosed later,” the team noted.

As of now, Hyperliquid’s official website does not mention USDH. For context, in June 2025, the M0 platform announced the launch of its own stablecoin, USDhl, aimed at challenging USDC and USDT.

Following the announcement, the HYPE token posted a 3.4% daily gain, with a slight correction after a local peak.