Native Markets / USDH, sunset

At a glance Sunset / delisted

What

Stablecoin

Runs on

HyperCore + HyperEVM

Official site

nativemarkets.com

X

@nativemarkets

Fees

Bridge says USDH redemptions it processes are free; direct redemption needs KYC/KYB. Selling on Hyperliquid's USDH/USDC book pays normal spot fees plus any discount to $1.

Official links

• Bridge USDH redemption portal
• Bridge: An update on USDH (May 14, 2026)
• USDH.com (redirects to the redemption portal)
• Native Markets website
• Native Markets X
• Native Markets Substack

Checked against Native Markets / USDH's own site on November 4, 2026. Bookmark these instead of using search ads.

Status: being wound down

USDH was a dollar stablecoin built for Hyperliquid. Native Markets won the right to the USDH ticker in Hyperliquid’s validator vote on September 14, 2025. Its proposal had USDH issued by Bridge (a Stripe company) on HyperEVM, Hyperliquid’s smart-contract chain, with links to HyperCore, its trading engine. It was to be backed by cash and US Treasury equivalents, with half the reserve yield going to Hyperliquid’s Assistance Fund. USDH/USDC spot trading opened around September 24, 2025.

That chapter is closing:

• May 14, 2026: Coinbase became Hyperliquid’s official USDC treasury deployer under the “AQAv2” framework (USDC is now Hyperliquid’s aligned quote asset) and agreed to buy the USDH ticker and brand assets from Native Markets, per Bridge’s announcement.
• May 19, 2026: Bridge stopped issuing new USDH, except where needed to keep liquidity during the migration. Redemptions stay free.

Circulating supply has collapsed. DefiLlama showed about $95.6M on March 18, 2026, $83.4M on May 17, and $6.26M on November 4, 2026. Apps and HIP-3 dexes that used USDH as collateral, such as Ventuals and Felix Exchange, have shut or moved on, and nest now labels USDH as sunset in its docs.

What holders should do

Don’t buy USDH as a new stablecoin. If you hold some, you have two exits:

1. Redeem at par with Bridge (needs KYC).

1. Go to redeem.bridge.xyz. usdh.com redirects there; type it yourself rather than following links from messages.
2. Choose USDH and Redeem directly with Bridge.
3. Complete the form and KYC/KYB. Bridge’s portal quotes up to a week for verification.
4. Send your USDH to the Bridge-generated address. Payout is USD to a bank or, for some coins, USDC, in 3-5 business days.
5. Questions go to redemptions@bridge.xyz, per Bridge’s May 14 post.

The partner “USDH Dashboard” route shows as “no longer available” on the portal.

2. Sell on Hyperliquid (no KYC, but at a discount). USDH still trades against USDC on Hyperliquid spot. On November 4, 2026 the book had a best bid of 0.98571 and a best ask of 0.99831, with near-zero 24-hour volume. Selling there lost about 1.4% against par that day, plus normal spot fees. Check the bid and size before you sell.

What backed it

Per the issuer and DefiLlama’s metadata: cash, short-term US Treasuries, repo, treasury funds such as BlackRock’s TTTXX, and tokenized treasuries such as BlackRock’s BUIDL and Superstate’s USTB. Bridge says USDH stays fully backed 1:1 during the wind-down and that reserve attestations would continue on USDH.com. But that domain now redirects to the redemption portal, and we found no attestation page there.

Risks

• No end date for redemptions. Bridge promises its portal for “at least several months” from May 14, 2026, but has published no cut-off. Don’t wait indefinitely.
• Order-book discount and thin liquidity. USDH pairs on Hyperliquid spot show near-zero volume, and the bid sat below $1.
• Issuer and custodian risk. Par redemption depends on Bridge and the reserve custodians, and on you passing onboarding.
• Integrations disappearing. Other USDH pairs (HYPE/USDH, UBTC/USDH and others) were mostly at zero volume on November 4, 2026.
• Scams. Wind-downs attract fake “migration” sites. Use official links and never share a seed phrase.

Alternatives

USDC is now Hyperliquid’s aligned quote asset under AQAv2; see how to deposit USDC to Hyperliquid. Other dollars on Hyperliquid include USDT0, USDe and Felix’s feUSD (see Felix), each with its own backing and risks.