Hyperliquid has introduced its new stablecoin, USDH, with a significant $25 million pre-mint within the first 24 hours, indicating robust institutional interest. Launched on September 25, 2025, USDH is issued by Native Markets and is backed by cash and short-term U.S. Treasuries. The reserve income from these assets will be used for HYPE token buybacks. The launch of USDH is part of Hyperliquid's strategy to expand its decentralized finance (DeFi) offerings and improve liquidity within its ecosystem. USDH will be integrated as a quote asset, enhancing its role in the platform's financial operations.