USDH Stablecoin Launches on Felix Vanilla
Hyperliquid’s native stablecoin, USDH, is now available on Felix Vanilla. This platform allows users to lend, borrow, and earn yield using USDH within the Hyperliquid ecosystem.
Felix Vanilla announced on Twitter that users can acquire USDH from the Hyperliquid spot orderbook, mint it via Native Markets, or start lending and borrowing instantly on Felix Vanilla. The protocol stated, “It’s time to go native.”
USDH Backed by Cash and U.S. Treasury Equivalents
USDH is issued by Native Markets and fully backed by cash and U.S. Treasury equivalents. This backing ensures a stable 1:1 peg to the U.S. dollar. As of now, USDH has a market cap exceeding $25 million, according to CoinMarketCap.
Competitive Process Led to Native Markets Issuing USDH
The launch followed a competitive bidding process with 19 proposers, including Paxos, Frax, Agora, OpenEden, and Ethena Labs. Native Markets won nearly 70% of the validator vote.
After winning, Native Markets launched USDH on the Bridge Stablecoin rails. This ensures transparency and reserve backing through cash and U.S. Treasury equivalents.
Hyperliquid’s Growing Role in DeFi
Hyperliquid has become a major player in decentralized finance this year. It offers decentralized governance, fast order trading, and large liquidity pools.
The platform controls over 75% of the decentralized perpetual futures market. It also holds more than $5.6 billion in stablecoin liquidity.
