HYPE hits record high of $55 during race to launch USDH stablecoin

Hyperliquid’s native token HYPE recorded a new peak close to $55, following this year’s general expansion. The token rallied after a contested competition from teams aiming to launch the native USDH token. 

Hyperliquid’s native token HYPE continued its expansion after a positive performance in August. HYPE finally broke out easily above $50, reaching new records around $55. 

HYPE trading volumes also spiked to a three-month high in the past few days, breaking above $755M in the past 24 hours. HYPE open interest also rose to an all-time peak above $2.12B, as Hyperliquid becomes an ever more important liquidity hub in crypto. 

HYPE is now a top 15 crypto token

The token already climbed to the top 15 crypto assets, with a claim on becoming an established blue-chip. The asset is on track to flip ChainLink (LINK), driven by its regular reinvestment of fees. HYPE also encourages long-term holdings, with all top 1,000 wallets now holding tokens valued in the millions. 

Despite short-term fluctuations, HYPE overall retains its trading direction, with a clear upward trend during the 2025 bull market. 

Hyperliquid achieved over $7.48M in fees in August, with regular daily inflows of over $2M. The app is one of the most widely used, drawing in both new traders and its loyal community. The token still relies on its native platform for 40% of its volumes, but has also spread to Bybit and Bitget. 

Currently, around 53% of whales hold a long position, signaling confidence in an ongoing rally. The HYPE performance is also boosted by occasional whales opening large-scale positions. One recent whale deposited over $5M in USDC, opening a 5X leveraged long position. 

Currently, the position is in the green with nearly $500K unrealized gains, though whales pay significant funding fees to keep their longs.

HYPE gets a boost from upcoming USDH stablecoin

Hyperliquid has set up a highly competitive environment for the launch of its USDH stablecoin. The ticker is expected to boost the liquidity on the perpetual futures DEX, which currently relies on over $5B USDC from user deposits. 

USDH will be Hyperliquid-first, and will allow even more agile liquidity deployment. The launch of a native stablecoin also drew attention to Hyperliquid, as it may have to consider partnerships with some of the high-profile stablecoin issuers. 

Validators are already preparing, with last-minute shifts in HYPE holdings and voting power. So far, the applications have drawn in Paxos, Frax, and Agora as potential builders of the new token. The list was extended with a native market and the Sky Ecosystem, current issuer of DAI. 

The applications have another day until closing, moving onto the selection vote. Ethena has also expressed intention to join the vote, though it was not among the applicants as of September 9.

Some concerns about the token include compliance with the US Genius act for stablecoins. The potential issuers are being researched for general transparency, approach to stablecoin creation and competitive assets. The team will be selected through a validator vote, as the candidates are researched for their liquidity potential and success with other stablecoins. 

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