USDH (USDH)

USDH is structured as a fully reserved stablecoin with assets intended to support one-to-one backing. Eligible reserves include cash, short-term US Treasuries, repurchase agreements, funds that invest in Treasuries and repos, and tokenized versions of comparable instruments. Cash reserves are held with US-regulated banks, traditional financial assets are held in custody at JPMorgan Chase, and crypto assets are secured through Bridge’s MPC custody infrastructure, provisioned by Fireblocks.

Transparency is a central part of the USDH model. BPM, an accounting firm based in San Francisco, reviews and attests to the token’s reserve backing each month. These attestations are intended to give market participants confidence that the stablecoin remains adequately collateralized and redeemable.

What distinguishes USDH is its economic alignment with Hyperliquid. Native Markets contributes 50% of gross revenue from USDH to the Hyperliquid Assistance Fund, supporting buybacks of HYPE, the ecosystem’s native asset. The remaining revenue is used to expand USDH adoption and support Hyperliquid-related growth. Under the Aligned Quote Asset framework, the Assistance Fund contribution is made programmatically on-chain, tying stablecoin usage directly to the network’s broader economic design.