Hyperliquid just rolled out its new stablecoin USDH, and Native Markets snagged the golden ticket to run the pipes. As of today, USDH is strutting onto the scene as the 83rd biggest stablecoin by market cap, rocking a cool $24.23 million valuation.
Hyperliquid’s USDH Debut: Concentrated Supply, Modest Market Share, Big Buzz
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Native Markets Wins Bid to Power USDH as Stablecoin Debuts With a $24.23M Market Cap
After weeks of back-and-forth and plenty of crypto chatter, Native Markets clinched the job of powering USDH’s infrastructure.
The numbers tell the next chapter: about 24.23 million USDH is in circulation, spread across just 59 wallets as of 1 p.m. Eastern on Wednesday. Since launch, the coin has already zipped through roughly 1,935 wallet-to-wallet transfers.
USDH may have hit the market running, but most of the coin is still parked in two mega-wallets. One wallet holds just over 10 million USDH, or 41.63% of supply, while the second wallet grips another flat 10 million USDH, equal to 41.26%.
That concentration means a hefty 82.89% of the stablecoin still sits in just two addresses, leaving the other 59 wallets to scrap over the slim 17.11% in circulation. Where the real action shows up is onchain.
According to Coinmarketcap stats, USDH trading can be spotted on Hyperliquid, Hyperswap, Orca, Project X, and Raydium — with that thin slice of circulating supply doing the heavy lifting. USDH is already pulling in some trading heat. Coinmarketcap data shows about $853,000 in daily volume across exchanges, excluding Hyperliquid.
But zoom in on Hyperliquid’s dashboard at 1 p.m. Eastern on Sept. 24, and the USDC pair alone clocked $1.87 million in 24-hour trade volume — proving that most of this stablecoin’s real hustle is happening right on home turf.
For all the noise around its launch, USDH is still just a speck in the $294.751 billion stablecoin universe. On day one, the new coin makes up only 0.00822% of the sector’s value — a blink-and-you-miss-it footprint in a market dominated by giants.
