Notice on sunsetting Felix USDH-denominated HIP-3 markets will be shared in a future post; for now, they remain active. USDH deposits on Felix Vanilla are unchanged, and users can continue to lend USDH while USDH is live if they choose. Users are encouraged to change USDH borrow and lend positions to USDC—users can swap USDH for USDC on the HyperCore spot orderbook linked below. Timeline on USDH Frontier and USDH Flagship vault sunsets will be shared in a tweet, Discord post, and Telegram announcement soon. For more information on zero-fee USDH redemption options, visit

Markets by Kinetiq will work with @HyperliquidX and @nativemarkets to ensure a seamless transition to USDC for the margin asset for the DEX. First, credit where it's due: Native Markets pioneered the first production-scale protocol-aligned stablecoin. AQAv2 wouldn't exist without that work, and we were proud to ship it alongside them. Kinetiq contributed to >50% of USDH growth via $KNTQ and @Markets_xyz. The fragmentation between USDH <> USDC was completely abstracted on both frontends, desktop and mobile. That same abstraction layer makes the USDC transition invisible to traders. To traders of km assets, and kmHYPE stakers: As usual, we'll be over-communicative on the next steps and ultimately this does not affect stake, or $HYPE / $KNTQ buybacks in the slightest. Listings will carry over and expand aggressively. There is no action required on behalf of traders at this time.

Sunsetting USDH on HyperLend In light of todays announcement that USDH will begin winding down operations on Hyperliquid we have made the decision to begin the process of sunsetting USDH borrowing and lending on HyperLend. Within 48 hours users will no longer be able to supply or borrow further USDH on HyperLend as we look to wind down and eventually close this market. We encourage our users to be proactive in repaying any USDH loans they hold. @nativemarkets have been a pleasure to work with and a positive force in the Hyperliquid ecosystem and we wish the team all the best moving forward. As in all things DeFi, Hyperliquid will win in the end. gLend.

With Native Markets, we set out to create a stablecoin platform for Hyperliquid that stopped value leakage from its ecosystem and minimized its third party dependencies. These goals are achieved with the formalization of USDC as an AQA. Today’s announcement marks what I view to be the biggest win for Hyperliquid to date, unlocking meaningful additional annual revenue for the Assistance Fund, as well as allying the network with the strongest force in American crypto policy. It’s incredibly vindicating to see industry leaders recognize a thesis that few of us believed just a short time ago. I want to thank all of the builders who took a chance on USDH, as well as to give a special shout out to @mclader. It’s been a privilege working with her on USDH, and for all of us HYPE holders, we can be grateful to have her in our corner. Our blog post below walks through the timeline for sunsetting USDH over the coming months. We’ll be in touch with builders and partners who have questions, especially those navigating spot and perp order book migration.

When Native Markets secured the right to deploy USDH eight months ago, we had a simple thesis: people care about stablecoins that deliver value to the networks and their users. Today, we see a validation of that thesis with Coinbase deploying native USDC as an AQA that shares the vast majority of its reserve yield. This transition to Coinbase immediately activates yield on nearly $5B worth of stablecoins and aligns Hyperliquid with one of crypto’s strongest policy advocates. I'm proud of what @fiege_max and our entire team have built to date — designing the Open Issuance product alongside the Bridge team, building an exceptional onramp with and beyond. To those that supported USDH, thank you for your vote of confidence. There’s more to come, stay tuned.

Hyperliquid Names now supports USDH USDH is the Hyperliquid-native stablecoin brought to you by @nativemarkets. With zero fee on & off-ramp and 1:1 conversion with USDC, it's the best way to stay liquid. Starting today, you can mint your .hl name using USDH.

Initiated the transfer from 19:48 and received it in my @IBKR USD account at 20:37. Zero fees. Less than 60mins to clear. (probably faster for banking hours) With named payouts allowing you to receive transfers in your name, this makes @nativemarkets one of the best on/off ramp in crypto. Prior to this, I had to route stables to off-ramp entities wait for T+1 to receive it in a bank then wait for another T+1/2 to get stables over to IBKR with fees. Now you can do it at 0 fee from HL<> IBKR with USDH<>USD

NGL @nativemarkets is now my fav on/off ramp Off-ramped $USDH straight to IBKR for the first time. 12:33PM UTC: Send $USDH to address on HyperEVM 2:03PM UTC: Received USD in IBKR All in all it took sub-10 minutes to set up. Once done with set-up it was just one transaction to off-ramp. Crazy

I saw people posting about depositing funds directly from Hyperliquid to IBKR using USDH, I thought it will be jumping through 10 hoops. I linked it up in 10 mins (which a qn to @fiege_max which he responded really quickly), send a test tx, and received funds in IBKR the same day. Previously, I was swapping it back to SGD to off ramp, and depositing to IBKR. Now I just skip the bank completely. NM handles that.

USD mode is now live on @Markets_xyz Trade all Hyperliquid perps regardless of USDC or USDH denomination. Margin type is automatically routed to account for each market. You can just simply just... trade things.

Our trading terminal is live! All USDH spot markets and native Hyperliquid perps are enabled for trading. Swap USDC from Ethereum, Arbitrum, Optimism, Base, and Polygon directly into USDH on Hyperliquid with zero bridge fees. Feedback from early users will be used to improve the terminal. Expect frequent updates and improvements as we get closer to the launch of our HIP-3 markets. Links to join our Telegram and Discord communities below 👇

HL Global produces events, research, and media across the Hyperliquid ecosystem. In 2026 we built Hypefest, launched HL Radio, and are bringing the Hyperliquid Summit to NYC this summer. Everything we do now lives at

As of 13:10 UTC, Native Markets has upgraded USDH to qualify as an Aligned Quote Asset. Now, when trading on markets quoted in USDH: Takers enjoy 20% lower fees Makers earn +50% rebates Traders earn +20% volume contribution toward fee tiers