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About Native Markets
Native Markets, the issuer of USDH on Hyperliquid, has progressed through several key milestones. Initially, the team demonstrated long-term commitment by staking and locking 200,000 HYPE tokens for a three-year period, signaling strong alignment with the Hyperliquid ecosystem. Subsequently, Native Markets expanded its product suite by launching pmUSDH, a tokenized margin version of USDH, which enhanced the utility of the stablecoin within the trading ecosystem. Most recently, the official USDH exchange portal was discontinued, with redemption services transitioning to Bridge for the coming months, marking a strategic shift in the operational infrastructure. These events highlight Native Markets' evolving role from a stablecoin issuer to a more integrated player in the Hyperliquid ecosystem, focusing on long-term value creation and infrastructure development.
Native Markets' core developments over the past six months centered on the contraction and exit of its USDH stablecoin. On March 15, 2026, the project launched a tokenized margin product, pmUSDH, allowing users to deposit USDH on HyperCore in exchange for pmUSDH, which could be used in DeFi protocols such as Felix, Hyperlend, Pendle, and Rysk, alongside a zero-fee USDC cross-chain onboarding channel via the Across protocol.
However, on May 26, the official announcement initiated an orderly wind-down of USDH: on May 27, all HYPE staking was unstaked, new market creation and AQA yield distribution were suspended; HIP-3 markets continued operating but liquidation authority was transferred to each deployer, while HIP-1 spot markets were fully terminated with all open orders canceled. USDH holders could swap to USDC at a 1:1 ratio via the HyperCore order book. On July 21, it was further confirmed that 1:1 redemptions would continue for several months, with final exit procedures published on the official website.
Future development focus has clearly shifted toward USDC ecosystem integration, with no further expansion of native stablecoin business. The official roadmap prioritizes: ensuring smooth asset conversion for USDH holders, gradually closing legacy markets, and migrating liquidity into a compliant stablecoin framework. The project has effectively entered a contraction phase, with asset safety and exit as the primary objectives.
Marvin Ammori, Co-founder and Chief Compliance Officer of Native Markets. LinkedIn: https://www.linkedin.com/in/marvin-ammori-348893/, Twitter: https://x.com/ammori
Native Markets (USDH stablecoin issuer) recent team changes: Co-founder Maximilian Fiege departed in July 2026. He had joined in July 2025 as co-founder. After his departure, he remains a Strategic Advisor at Hyperion. No other team changes have been reported.