usdh.com

What It Is

USDH is a native stablecoin built by Native Markets for the Hyperliquid ecosystem and issued by Bridge Building, Inc. It is positioned as Hyperliquid’s Aligned Quote Asset and can be used across HyperCore, HyperEVM, cross-chain flows, payments, and on-chain DeFi. The terms of service make clear that Native Markets does not directly custody user assets and is not the issuer or reserve holder of USDH.

Core Features and Fees

For trading use cases, USDH’s main selling point is fee incentives: taker fees in USDH-quoted markets are reduced by 20%, maker rebates are increased by 50%, and trading volume contributes 20% more toward fee tiers. This makes it more attractive to high-frequency traders, market makers, and heavy Hyperliquid users. Native Markets currently does not charge its own service fees, but users may still incur third-party costs such as gas fees, bank fees, Bridge fees, Across fees, Relay fees, wallet fees, and others. Actual fees are subject to the disclosures shown at the time of transaction.

Reserves, Security, and Compliance

USDH claims to be backed 1:1 by U.S. Treasuries, cash, and cash equivalents, with monthly independent reserve attestations. The materials indicate that reserve management involves BlackRock and Superstate, while custody involves JPMorgan Chase and Fireblocks infrastructure. On the compliance side, Bridge is described as a regulated U.S. entity. Minting and redemption require users to accept Bridge’s terms, create an account, and submit identity and usage information. Sanctioned persons and users in certain jurisdictions are prohibited from using the service.

Fiat, DeFi, and Risks

Users who have completed onboarding can mint and redeem USDH 1:1 with USD through a bank account, and may also access third-party lending protocols to earn yield. However, the terms emphasize that DeFi Vaults are third-party protocols: Native Markets does not control or audit their smart contracts and does not guarantee yield. Cross-chain activity relies on third parties such as Across and Relay, and users are responsible for failed transactions, price deviations, and third-party fees.

Pros, Cons, and Who It Is For

The advantages are its deep integration with the Hyperliquid ecosystem, clear trading fee discounts, relatively comprehensive reserve disclosures, and a more institution-oriented fiat on-ramp. The drawbacks are a relatively high KYC barrier, undisclosed supported countries, minimum amounts, specific payment channels, and full fee details, as well as a clear dependence on third-party protocols. USDH is best suited to active Hyperliquid traders, market makers, on-chain finance users, and institutional users who need bank-based deposits and withdrawals.

Access from China

The materials do not specify accessibility from mainland China, whether KYC is available for Chinese users, or whether Chinese bank cards or local payment methods are supported, so china_access can only be assessed as unknown. Chinese users should pay close attention to local regulations, bank deposit and withdrawal availability, and any restrictions related to Hyperliquid services. Alternatives such as USDC, USDT, DAI, or other stablecoins available on Hyperliquid may also be worth comparing.