USDH
USDH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
USDH is a fully deprecated fiat-backed stablecoin originally issued by Native Markets on the Hyperliquid network. Following the AQA v2 governance vote in May-June 2026, Hyperliquid replaced USDH with USDC as its canonical quote asset. Consequently, new issuance ceased on May 19, 2026, spot liquidity and conversions were deprecated, and the official website sunset on July 17, 2026, after Coinbase agreed to acquire the ticker. The asset is now in pure wind-down mode, functioning exclusively as a 1:1 fee-free redemption claim for USDC or fiat via Bridge. Data gaps were noted in Active Development and Community Support due to the project's defunct and sunset operational state, leading both sections to score -1.0 and shifting all weight to the remaining sections. No security exploits, depegs, or regulatory enforcement actions occurred, and the wind-down remains orderly; however, as an obsolete asset undergoing redemption, holding or acquiring USDH carries counterparty and illiquidity risks.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About USDH (USDH)
USDH (USDH) is a deprecated, centralized fiat-backed stablecoin originally issued by Native Markets as the native stablecoin for the Hyperliquid network. Introduced following an issuer selection process in September 2025, the token was designed to be backed by U.S. Treasuries and cash equivalents managed by BlackRock and Superstate, with reserve custody held at JPMorgan Chase. USDH operated on Hyperliquid and HyperEVM, functioning as the network's canonical quote asset before being retired.
In May and June 2026, the Hyperliquid community passed the AQA v2 governance vote, which replaced USDH with USDC as the network's canonical quote asset. As a result of this decision, Native Markets commenced an orderly wind-down of USDH operations. New token issuance ceased on May 19, 2026, spot order book liquidity on Hyperliquid and 1:1 Across conversions were deprecated, and the official website (USDH.com) sunset on July 17, 2026. Additionally, Native Markets agreed to sell the USDH brand assets and ticker to Coinbase.
USDH currently functions solely as a redemption claim rather than an active circulating currency. Holders can redeem their tokens fee-free at a 1:1 ratio for USDC or fiat via Bridge. While the wind-down has been orderly with no recorded protocol exploits, depeg failures, or regulatory enforcement actions against Native Markets, the asset carries residual risks associated with extreme supply concentration, lack of a publicly verifiable smart contract audit report, reliance on third-party custodial redemption infrastructure, and illiquidity resulting from the removal of active trading pairs.