USDH

USDH is a cryptocurrency launched in 2025 and functions as a fully reserved, fiat-backed digital dollar built natively for the Hyperliquid trading ecosystem.

The asset addresses the friction of sourcing reliable US dollar liquidity directly on Hyperliquid’s high-performance L1 and HyperEVM environments. Rather than relying on bridged stablecoins from external chains, market participants use USDH to collateralize positions and settle perpetual futures without cross-chain latency or custodial trust assumptions. This native integration streamlines capital efficiency for traders and liquidity providers operating within the exchange’s orderbook infrastructure.

USDH operates on the HyperEVM network, a specialized execution environment layered atop Hyperliquid’s Layer-1 blockchain. The token also exists as a native asset on Hyperliquid’s main chain, enabling direct interaction with the exchange’s core orderbook and matching engine. This dual deployment ensures consistent settlement and quotation across the EVM-compatible smart contract layer and the high-throughput trading engine.

On the HyperEVM side, USDH conforms to the standard ERC-20 token specification, enabling composability with decentralized applications built in that environment. The entire supply is backed by a basket of GENIUS-ready assets—cash, short-term US treasuries, repo agreements, and tokenized funds like BlackRock BUIDL—held at US-regulated banks and JP Morgan Chase, with crypto reserves isolated in Bridge Building’s MPC infrastructure via Fireblocks. An independent accounting firm, BPM, reviews the 1:1 reserve backing each month.

USDH launched on September 13, 2025, created by Native Markets and issued by Bridge Building Inc. The initiative was driven by Hyperliquid’s need for a fully native dollar that could integrate directly with the exchange’s orderbook rather than relying on third-party issuers with orthogonal incentives. From inception, Native Markets committed 50% of gross revenue to a dedicated on-chain Assistance Fund used exclusively to buy back HYPE tokens.

The overarching mission of USDH is to function as a credible, programmable unit of account that eliminates dependency on external stablecoin issuers while reinforcing the Hyperliquid network’s economic flywheel. By aligning the dollar asset with the native blockchain’s incentives, the design ensures that growth in stablecoin usage directly fuels demand for HYPE and deepens on-chain liquidity.

Within the protocol, USDH operates as the Aligned Quote Asset, programmatically routing a fixed share of yield and fee income to the Hyperliquid Assistance Fund on every transaction. This mechanism is baked into the AQA primitive, meaning the contribution happens onchain without discretionary oversight. Simultaneously, the token functions as a mint-and-redeem instrument against its reserve basket, allowing arbitrageurs to enforce the dollar peg through primary market actions.

Arbitrageurs continuously mint and redeem USDH against the underlying reserve basket, maintaining the market price anchored to one dollar. Traders posting margin on Hyperliquid’s derivatives utilize the stablecoin as a settlement denomination, bypassing the withdrawal delays and bridge risks of alternative dollar tokens. Institutional participants holding large positions can exit directly to fiat through Bridge Building’s redemption portal, relying on monthly attestations to verify full backing.

USDH has a total supply of 100,103,788,251.75 tokens. Currently, 21,359,849.00 are in circulation. With a market capitalization of $21,355,013.00, USDH ranks #833 among all cryptocurrencies.