Hyperliquid, a decentralized exchange and layer‑1 blockchain, will hold a validator vote this month on whether to assign the USDH ticker to its planned dollar‑backed stablecoin.
Vote details and deadlines
In an update shared Sunday, the team emphasized that the vote applies only to the ticker name.
“USDH will be only one of many such stablecoins on Hyperliquid and does not gain any privileges by nature of its ticker name,” the post said.
The timeline for the vote is as follows:
- Sept. 10, 10:00 UTC – proposal deadline
- Sept. 11 – validator declarations
- Sept. 14, 10:00–11:00 UTC – voting window
Validators tied to the Hyperliquid Foundation will abstain from directly influencing the results, instead aligning with whichever side secures the most support from non‑Foundation validators.
🚨 Massive updates from @HyperliquidX:
— HodlFM Team (@Hodl_fm) September 5, 2025
With the next upgrade:
- Spot pairs get 80% lower fees
- Permissionless listings coming
- Validators will vote on $USDH, a Hyperliquid-aligned stablecoin.$HYPE 👆 pic.twitter.com/t7RZ5vWpT8
Context of the decision
USDH is designed to function as Hyperliquid’s native stablecoin, offering an alternative to bridged assets such as USDC. Some competing stablecoin teams have voiced concerns that revisiting the USDH ticker may place their projects at a disadvantage, having been forced to operate under different naming conventions when the ticker was unavailable.
The upcoming upgrade to Hyperliquid’s infrastructure will also make quote assets permissionless, meaning that new trading pairs can be created without approval, reinforcing the governance‑driven nature of the chain.
Analyst perspective
According to Jaehyun Ha, research analyst at quantitative trading firm Presto, putting the ticker to a governance vote highlights how Hyperliquid is positioning itself against centralized exchange practices. Ha noted that the strategy emphasizes community oversight and transparency as key to the exchange’s direction.
Ha also argued that Hyperliquid is pursuing a “Hyperliquid‑aligned, compliant USD stablecoin” to support its ecosystem, reducing reliance on external issuers.
Economic significance
The proposed economic design for USDH is central to Hyperliquid’s plan. By recycling reserve income, the protocol estimates that if USDH reaches a 15% share of total liquidity, it could capture around $5.5 billion, generating up to $220 million annually for HYPE token holders, according to Ha.
At that scale, he said, USDH could evolve from a simple stablecoin into a “powerful economic lever” within the Hyperliquid ecosystem.
Gunel Ismayilova
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