Leading perpetual futures DEX Hyperliquid teases native USDH stablecoin

Hyperliquid announced future plans on its Discord, hinting at the upcoming creation of a native stablecoin. The perpetual futures DEX is also working on permissionless listings on the spot market. 

Hyperliquid may move on with a native stablecoin after reserving the USDH ticker. On its official Discord channel, the project announced that the new asset will be tailored to the needs of the chain and become one of the main sources of liquidity. 

The perpetual futures DEX is still using USDC, with over $5.3B in cumulative inflows. However, USDC is a freezeable asset, while Hyperliquid aims to expand permissionless activity.

Hyperliquid prepares for upgrade with multiple improvements

During its next network update, Hyperliquid announced it would add multiple features. The USDH ticker will be activated after a validator vote, with a transparent on-chain process. The ticker will most probably be used for a new stablecoin, aligned with the needs of Hyperliquid. If released, the stablecoin will be compliant with the common regulations for this type of asset. 

The USDH stablecoin will take another upgrade for validators to allow end-user addresses to purchase USDH. The ticker will become active for trading following a community vote. The process will also determine which team will build the native stablecoin. 

The DEX has now opened a proposal process and will vet the best team through its forum. The team that is selected will have its official token address used for deploying USDH.

One of the big changes following the next upgrade will be lower fees for the spot market. Taker fees will be 80% lower, encouraging higher activity. The pairs with the new lower fees will be the ones between two quote assets, such as USDT, USDC, and eventually USDH.

The spot market will also evolve and become more decentralized. Hyperliquid is working on a permissionless solution, where teams will be able to list new tokens, but after fulfilling staking and slashing criteria. 

Perpetual futures DEX gets boost from SOL and ETH trading

In August, Hyperliquid saw a gradually rising demand for perpetual futures swaps. BTC activity remained constant, while ETH and SOL trades grew. 

Some of the more dramatic liquidations on Hyperliquid came from the ETH and SOL trading pairs. The ETH expansion in August also led to a peak day of trading volumes, reaching above $28B. 

In August, Hyperliquid also achieved its highest share of perpetual futures volumes as compared to Binance’s market. For the past month, the DEX carried $398.14B in perpetual futures volumes, while Binance locked in $2.8T. Hyperliquid is still relatively small but is turning into a key hub for price discovery and liquidity.

Hyperliquid is ranked sixth among all existing perpetual futures exchanges, surpassing even older centralized markets. Activity on Hyperchain has surpassed all other major networks in terms of on-chain settlement and trading volumes, as well as fees. 

Following one of the best months since launch, HYPE also traded near its higher range. HYPE recovered near a three-month peak at $46.17, with over 36% gains for the past three months. The token will still be supported with regular buybacks, reinvesting 99% of trading fees.

Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.