Hyperliquid’s USDH Stablecoin Goes Live on Felix Vanilla

Hyperliquid’s native stablecoin, USDH, is now live on Felix Vanilla, a lending and borrowing platform. This integration now enables users to utilize the stablecoin to lead, borrow, and earn yield directly within the Hyperliquid ecosystem.

According to a tweet shared by Felix Vanilla, users can now acquire USDH from the Hyperliquid spot orderbook, mint it directly through Native Markets, or start lending and borrowing instantly on Felix Vanilla. “It’s time to go native,” the protocol tweeted.

USDH stablecoin, issued by Native Markets, is fully backed cash and U.S. Treasury equivalents so it maintains a stable 1:1 peg to the U.S. dollar. At the time of writing, the stablecoin has a market cap of over $25 million, according to CoinMarketCap.

The dramatic launch of USDH

The launch of USDH came after a competitive bidding process to decide who would issue the stablecoin. The vote, which was held last month drew 19 different proposers including from major firms like Paxos, Frax, Agora, OpenEden, and Ethena Labs.

After days of debating and engagement within the community, Native Markets emerged as the winner with nearly 70% of validator vote. Following this, Native Markets officially launched USDH on the Bridge Stablecoin rails to ensure transparency and reserve backing through cash and U.S. Treasury equivalents.

Hyperliquid Strengthens Its DeFi Position

Hyperliquid has quickly become a player in the decentralized finance (DeFi) space this year, largely due to its decentralized nature, fast order trading, governance by validators, and massive liquidity. As a leading decentralized perpetual exchange, Hyperliquid controls over 75% of the decentralized perpetual futures market and has more than $5.6 billion in stablecoin liquidity.