What was USDH?
USDH was Hyperliquid's native dollar stablecoin, issued by Native Markets from September 2025. In May 2026 Hyperliquid moved to USDC instead, with Coinbase as its official deployer, and USDH was phased out. If you're new, you only need USDC.
Timeline
| Sep 2025 | Validators chose Native Markets to issue USDH over proposals from Paxos, Frax, Agora and others |
| 24 Sep 2025 | USDH launched, trading against USDC |
| 14 May 2026 | Coinbase became Hyperliquid's official USDC treasury deployer. USDH was set to be sunset, and Native Markets agreed to let Coinbase buy the USDH brand |
| Mid-2026 | Independent trackers report that USDH markets on HyperCore had finished settling by June |
Sources: The Block (24 Sep 2025, 14 May 2026), 4Pillars research (15 May 2026). The completion date comes from third-party trackers, not an official statement.
Why it changed
Hyperliquid wants the interest earned on stablecoin reserves to flow back into its ecosystem. Under the new model (called AQAv2), USDC is the "aligned quote asset": Coinbase is the treasury deployer and Circle handles the cross-chain infrastructure, and they share most of the reserve yield with the protocol. Because far more USDC sits on Hyperliquid than USDH ever did, this is expected to fund much larger HYPE buybacks.
One difference for traders: the older system gave trading-fee benefits on the aligned stablecoin. According to 4Pillars, AQAv2 does not carry those over.
What to do now
- New users: deposit and trade with USDC. See the deposit guide.
- Still holding USDH: convert it to USDC. During the transition Native Markets offered fee-free redemption to USDC or fiat through its USDH dashboard. Check official channels for what is still available.
- Outcome markets: HIP-4 markets settled in USDH at launch. Check the collateral shown for each market. See HIP-4 explained.
FAQ
What was USDH?
USDH was Hyperliquid's native U.S. dollar stablecoin, issued by Native Markets from September 2025.
Is USDH still used on Hyperliquid?
No. In May 2026 USDC became Hyperliquid's aligned quote asset with Coinbase as deployer, and USDH was phased out.
What should I do with USDH I still hold?
Convert it to USDC. Native Markets offered fee-free redemption during the transition; check official channels for current options.
Do I need USDH to trade on Hyperliquid?
No. Deposit and trade with USDC.