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HYPER 在一场激烈的发行权争夺战后，Hyperliquid 的稳定币 USDH 正式登场。凭借在 Native Markets 上通过验证者投票获得发行权，USDH 成为该衍生品交易所首个美元锚定资产，不仅补足了交易生态中的关键一环，也为平台用户带来了更稳健的价值承载工具。
Hyperliquid的原生稳定币USDH于周三上线，配有USDC交易对，早期交易量接近200万美元。
随着USDH的上线，Hyperliquid拥有了首个美元锚定资产，为交易者提供了跨网络的稳定计价单位和抵押品。
Native Markets将管理该交易所的稳定币并监督数十亿美元的潜在资金流。这家由Hyperliquid投资者Max Fiege、前Uniswap Labs总裁Mary-Catherine Lader和区块链研究员Anish Agnihotri领导的加密初创公司，通过9月14日的验证者投票被选中。
根据Native Markets的原始提案，该稳定币由现金和美国国债等价物支撑，并将依靠Stripe的代币化平台Bridge来管理储备。
USDH在HyperEVM上铸造，这是Hyperliquid兼容以太坊的执行层，使其能够在网络中流通，同时减少对Circle的USDC等外部稳定币的依赖，并将收益保留在其生态系统内。
Hyperliquid is a decentralized derivatives exchange that launched its HYPE tokens through airdrop in November 2024. In July, the platform managed to handle approximately $330 billion in transactions with just a team of 11 people.
The bidding battle for the rights to issue Hyperliquid’s stable coins began on September 5th, when Hyperliquid announced that it would initiate a governance process to grant USDH code to Native Markets.
Soon after, Native Markets submitted a bid, promising to issue USDH natively on the HyperEVM platform, and to distribute the proceeds evenly between repurchasing HYPE tokens and supporting ecosystem development.
Over the following hours and days, companies like Paxos, Sky, Frax Finance, Agora, Curve, OpenEden, BitGo, and Ethena also submitted bids—though Ethena eventually withdrew its bid and supported Native Markets instead.
This process wasn’t without controversy. Some critics, such as Haseeb Qureshi, the managing partner of venture capital firm Dragonfly, believed that this process seemed to be biased towards Native Markets, despite stronger proposals from larger companies like Paxos, Ethena, and Agora.
On September 9th, Qureshi wrote on X that he heard from “multiple bidders” that no verifier was interested in considering anyone other than Native Markets. The fact that Native Markets’ proposal appeared immediately after the announcement for USDH bidders indicated that they had been informed in advance.
他还提到Native Markets是一家"全新的初创公司"，暗示它没有证明如此迅速赢得竞标的记录。
尽管有批评声音，Native Markets在9月14日胜出，以超过三分之二验证者的票数赢得了Hyperliquid的首个重大治理决定。
根据CoinGecko的数据，过去7天里，Hyperliquid的原生加密货币HYPE下跌了约7%。
Hyperliquid还面临来自Aster的新竞争，这是一个运行在BNB Chain上的去中心化永续交易所。
周三，DefiLlama数据显示，Aster的日永续交易量接近300亿美元，是Hyperliquid的两倍多，后者在撰写本文时录得约100亿美元。
