ETLDR
- Hyperliquid has officially launched its native stablecoin, USDH, on its HyperCore network.
- Over $15 million USDH has been pre-minted in the last 24 hours since the launch.
- USDH is fully backed by cash and short-term U.S. treasuries in line with the GENIUS Act.
- Native Markets has aligned USDH with the Assistance Fund to support DeFi growth.
- Aster DEX has surpassed Hyperliquid in daily revenue, generating $10 million compared to Hyperliquid’s $3 million.
Hyperliquid has launched its native stablecoin, USDH, on its HyperCore network, with a $15 million pre-minting. The stablecoin is now live for all users, and the USDH/USDC spot order book is open. This comes amid fierce competition from Aster DEX, which has overtaken Hyperliquid in daily revenue.
USDH Stablecoin Launches on HyperCore
Native Markets announced the launch of USDH on Hyperliquid’s network. The stablecoin is fully backed by cash and short-term U.S. treasuries, which is in line with the GENIUS Act. USDH’s integration into HyperCore has been designed to support the growing demand for decentralized finance (DeFi) solutions.
Native Markets revealed in a recent statement that “over $ 15 million USDH has already been pre-minted.” The project has aligned the stablecoin with the Assistance Fund, aiming to establish a high-quality asset for Hyperliquid. The Assistance Fund will begin accruing from the stablecoin’s earnings, with $0.50 of every dollar directed toward this cause.
USDH is now live for all Hyperliquid users!
The USDH / USDC spot order book is open on HyperCore, with over $15M USDH pre-minted in the last 24 hours.
— Native Markets (@nativemarkets) September 24, 2025
In the coming months, USDH will expand its presence within Hyperliquid’s ecosystem. HyperEVM integrations are already underway, and the stablecoin will soon become a quote asset on the spot market. Additionally, Native Markets plans to introduce USDH-margined perpetual order books through HIP-3.
Aster DEX Surpasses Hyperliquid in Revenue
Aster DEX has surpassed Hyperliquid in daily revenue, according to data from DeFiLlama. Endorsed by CZ, has recorded $10 million in revenue, compared to Hyperliquid’s $3 million. Despite this, Aster and Hyperliquid still lag in trading volume, with $602 million and $516 million, respectively.
The competition between the two platforms is intensifying as both work to enhance their offerings. While Hyperliquid focuses on integrating USDH and expanding its DeFi ecosystem, Aster is gaining momentum with new features. Notably, Aster has recently rolled out direct deposits from Solana and is looking to launch its own layer-1 blockchain.
Aster DEX’s CEO, Leonard Aster, confirmed plans to create Aster Chain. This layer-1 network will focus on trade privacy and verifiability. Aster Chain aims to ensure that users can verify trades without exposing sensitive position details.
