What is USDH (USDH)?
USDH is a fiat-backed digital dollar built natively for Hyperliquid. Designed by Native Markets and issued by Bridge Building Inc, USDH delivers a credible, ecosystem aligned, and native dollar solution. USDH is fully reserved by GENIUS-ready assets such as cash, short-term US treasuries, repo agreements, funds investing in US treasuries and repo agreements (e.g., BlackRock TTTXX), and tokenized versions of the same (e.g., BlackRock BUIDL or Superstate USTB).
How does USDH work?
Cash is held in custody at US-regulated banks, TradFi investment assets are held in custody at JP Morgan Chase, and cryptoassets are held in custody in Bridge’s MPC infrastructure, provisioned by Fireblocks. BPM, a top-40 accounting firm based in San Francisco, reviews and attests to the 1:1 backing of USDH’s reserves each month. Native Markets contributes 50% of gross revenue to the Hyperliquid Assistance Fund so the protocol can buy back HYPE. The rest of USDH revenue is used to grow USDH and the Hyperliquid ecosystem.
What is USDH used for?
As specified by the Aligned Quote Asset (“AQA”) protocol primitive, the AF contribution is made programmatically, onchain.
Where can you buy USDH?
USDH (USDH) is traded on a wide range of centralized and decentralized exchanges. The most liquid markets for USDH sit on tier-1 venues - the sort of exchanges where institutional desks and professional market makers rebalance continuously - which is what keeps the spread tight and the last price tied closely to fair value.
You can open the Markets section above to see the live list of exchanges quoting USDH, sorted by 24-hour volume. Each row links to the venue's trade page so you can go directly from research to execution without copying the ticker around by hand.
What is the daily trading volume of USDH (USDH)?
The reported 24-hour trading volume of USDH is $1.29K. Volume is a live reading of how much USDH changed hands across all tracked exchanges in the past day and tends to rise during periods of price discovery and fall during consolidation.
