2.5 - USDH (Acquired by Circle, Sunsetted)

Hyperliquid's native stablecoin

USDH is Hyperliquids native stablecoin, built to make “stable liquidity” actually feed the chain, not an external issuer.

Most stablecoins export value from a chain, reserves earn yield elsewhere, and the ecosystem gets convenience but does not have compounding alignment. USDH flips that. A programmatic share of USDH revenue (50%) is contributed to Hyperliquid’s Assistance Fund, creating a structural HYPE buy demand as USDH adoption grows.

nest is the default liquidity hub for USDH:

• it becomes the clean quote asset for most markets (TOKEN/USDH)

• it improves routing and execution (deep stable rails reduce fragmentation)

• it enables stable-denominated strategies across the wider stack in the HyperEVM

Every ecosystem needs a monetary base. On Hyperliquid, the “best” base asset is the one that compounds back into HYPE demand. USDH is designed to do exactly that.

---

Why supporting USDH is HYPE-aligned

nest is built to make USDH the routing core for HyperEVM liquidity, deep stable markets that make every other asset easier to trade, launch, and build around.

nest’s role is to concentrate real, usable USDH liquidity on HyperEVM (not fragmented, mercenary stable liquidity), so the ecosystem gets:

• deeper markets → better execution → more onchain volume

• more USDH adoption → more aligned value flow

• stronger, more persistent HYPE-aligned demand loops

• Hype Must Grow thesis aligned