Native Markets Wins Hyperliquid Stablecoin USDH Token Name

Last Sunday, following a community vote, Native Markets, one of the teams that submitted the proposal for the issuance and management of the Hyperliquid USD stablecoin (USDH), officially announced that it had successfully claimed the USDH token symbol. Max Fiege, founder of Native Markets, posted on X that the project will launch the first Hyperliquid Improvement Proposal (HIP) for USDH in the coming days, and will also issue an ERC-20 token based on the Ethereum network. He also outlined the next steps: "We will first launch a testing phase, with an initial transaction limit of up to $800 per mint and redemption, involving a portion of users; subsequently, we will open the USDH/USDC spot order book and support unlimited minting and redemption." After synthetic stablecoin issuer Ethena announced its withdrawal from the competition last Thursday, Native Markets' probability of winning the USDH token symbol soared to over 99% on the prediction market Polymarket on Saturday. This battle for the USDH token symbol has attracted widespread attention from the crypto community and industry executives, and has also sparked questions about the "opaque" selection process, as well as reflections on the future of the entire stablecoin industry.