Featured in episode 159 of the When Shift Happens Podcast as part of a discussion about Hyperliquid's stablecoin USDH and the broader Hyperliquid ecosystem.

Participates in the HypurrCo Gathers @ Consensus HK 2 event on February 12th alongside HypurrCollective, Kagea, Coinpilot, HyperDrive, Auros, No Limit Holdings, Redstone, Velar, Anchorage, and Pear Protocol.

1:1 transfer routes from USDC to USDH launch on HyperCore with a $1 million cap.

Portfolio margin goes live on Hyperliquid testnet (pre-alpha), supporting all HIP-3 DEXs and future HyperEVM lending integration, currently limited to USDC borrowing with HYPE collateral, with USDH and BTC planned for future phases.

New functionality allows traders to access any perp/HIP-3 market seamlessly without swapping between stable pairs, removing a previous barrier for USDH pair trading.

Wintermute's wallet is active on USDH/USDC and HYPE/USDH trading pairs.

Large wallet deposits $137.5K USDH into Felix Protocol and $6.6M in HYPE tokens (~221K tokens) into HyperLendX.

Epoch 1 completes with nearly $80m volume, 76 new veNEST lockers (7.25m NEST tokens), and $69k revenue ($57k fees + $12k voting incentives), establishing top USDH pools on HyperEVM.

OpenOcean Router whitelists USDH for trading, enabling users to DCA into USDH through their platform.

Rysk users can now write HYPE and UBTC puts denominated in USDH, expanding USDH adoption into options markets.

Kinetiq announces all markets they launch will be powered by USDH.

First money market for KNTQ paired with USDH launches on Timeswap platform, enabling non-liquidatable leverage on KNTQ and usage of KNTQ as collateral.

Native Markets won the USDH bid. Related kmhype token offers 10% perpetual revenue share from marketsxyz HIP-3 markets with maximum supply of 888,888 tokens.

Axelar chooses USDH as the stablecoin for its users and liquidity providers on HyperliquidX, offering cheapest fees, highest rebates, and best volume weighting.

Kinetiq, PVP, and USDH announce collaboration for 24/7/365 onchain markets. USDH total supply stands at $61.24M.

USDH bridging to HyperCore now available through Across protocol with no slippage.

Nest DEX achieves over $4.5 million in USDH liquidity pools, becoming the deepest DEX on HyperEVM.

Pear Protocol teases upcoming USDH integration and Agent Pear phase 3 development. HyperLiquid Season 2 launches double points promotion.

Felix Protocol launches lending incentives for USDH vault with Morpho protocol integration, supporting collateral including HYPE, UBTC, and kHYPE.

NestExchange offers the highest APR pools for USDH on the HyperEVM network.

10x TREAD points boost launches for KNTQ-USDH market makers starting November 27 at 7am ET as a 24-hour promotion on Tread.fi.

Kinetiq launches TGE with USDH as quote asset for their order book, with trades on USDH pairs contributing to an Assistance Fund mechanism.

Liminal launches xToken on HyperEVM with USDH minting capability, adding new composable building blocks to the HyperCore ecosystem.

USDH becomes the first Aligned Quote Asset (AQA) on Hyperliquid with fee, rebate, and volume benefits now live across USDH spot and HIP-3 markets.

Native Markets meets aligned quote asset requirements on Hyperliquid with 1M total HYPE locked.

Hyperliquid introduces HIP-3 Growth Mode, reducing taker fees by 90% from 0.045% to 0.0045%-0.009% for new non-crypto HIP-3 markets, with USDH-settled markets achieving fees as low as 0.0036%-0.0081%. FalconX projects HIP-3 markets will drive an incremental $0.8B of annualized fees within a year, representing 67% upside from current levels.

Circle's ongoing delay in launching native USDC on Hyperliquid creates competitive window for Native Market to take the lead in stablecoin provision, two months after Circle's initial expansion announcement.

HyperCore now has more USDH trading pairs than USDT pairs available.

A third-party entity deploys the first USDH spot order book, marking the protocol's expansion into third-party spot market integrations.

Felix announces Felix Exchange, which will deploy HIP-3 markets denominated in USDH.

USDH markets receive specific fee upgrades with the aligned stablecoin proposal: 20% lower taker fees, 50% better maker rebates, and 20% more volume contribution toward fee tiers. 50% of treasury yields backing USDH accumulates $HYPE and the AF.

Based Terminals integrates Felix Protocol HIP-3 support, enabling live TSLA equity perpetual trading with 5x leverage using USDH across all Based Terminals.

Paxos Labs undergoes personnel changes with 0xDuckworth departing the organization.

A new HIP-3 market for SpaceX trading launches in partnership with Ventuals, with USDH serving as the collateral token.

USDH is the only stablecoin pending "aligned stable" status which gives HIP-3 perps trading fee reductions. Felix Protocol joins the HIP-3 competition.

The upcoming TSLA/USDH market becomes the first HIP-3 and equity market where USDH acts as the quote asset.

NestExchange completes three security audits and prepares for launch with NEST token rewards for early liquidity providers, additional benefits for HYPE Engine Vault depositors, and partnership incentive matching programs.

Native Markets clarifies HIP-5 governance proposal which allows HYPE stakers to vote on redirecting up to 5% of protocol revenue to buybacks of spot native tokens instead of HYPE, with implementation timeline aligned to upcoming tier-1 ecosystem token launches in coming months.

@near_intents achieves $109M daily volume ATH with $30B annualized volume and captures #1 position with 35% market share in cross-chain swap/bridge market. Integrates ZEC as primary liquidity venue, partners with StableFlow for USDT bridging, and partners with Rhea Finance and Templar Protocol for multichain collateral functionality.

Native Markets won the USDH ticker by offering 50% of reserve yield directly to Hyperliquid's Assistance Fund with the other 50% reinvested into USDH liquidity.

NestExchange partners with Native Markets to establish USDH as the native stablecoin of Nest, a MetaDEX that accumulates HYPE for its treasury and provides voters with $MEGAHYPE (leveraged exposure to HYPE).

Visa integrates USDH into its Stablecoin Dashboard tracking system, providing visibility alongside major stablecoins from MetaMask (USDM), Ripple (RLUSD), and Ethena (USDTB).

Native Markets announces USDm as their own stablecoin and Proximity Markets as future products to capture ecosystem value leaks and generate revenue streams.

Native Markets is identified as one of the official or unofficial Hyperliquid assistance funds (AF 6) involved in TWAP execution strategies within the broader Hyperliquid ecosystem.

USDH stablecoin reaches $20.9 million in supply after less than 1 month of operation.

HyperliquidX enshrines "Aligned Stablecoins" at the protocol level, a development affecting USDH.

Launched permissionless spot quote assets on mainnet with HYPE/USDH trading live, enabled permissionless Dutch auctions, and HPL token with USDH trading pair on Hyperliquid exchange.

Hyperliquid's near-launch HIP-3 proposal names Native Markets as potential stablecoin partner, requiring 200K HYPE stake (or 1M for aligned status with fee benefits) to serve as quote asset for permissionless perpetual futures platform.

A real-time USDH dashboard launches through a partnership with Allium Labs, while the USDH/USDC trading pair goes live with early trading volume reaching approximately $2.2 million.

USDH stablecoin live on HyperCore with regulated fiat backing through Blackrock/SuperState reserves, directing 50% of fees to HYPE buybacks.

The protocol is advancing with HIP-1 and spot market launches now in progress.

The first USDH mint transaction has been successfully executed on HyperEVM by Flowdesk, delivering on the deployment promise made on Monday.

The project has successfully secured the USDH ticker on Hyperliquid following a governance vote, confirming their position to launch the protocol and token within days.

USDH is launching with the platform holding $6B in stables that can generate $240M annually in Treasury yield for HYPE buybacks and ecosystem growth.

The project will launch a token in the coming days, reversing previous statements about having no token issuance plans.

The project announces deployment of USDH on both HyperCore and HyperEVM "within days" with initial mints and redeems capped at $800 during gradual rollout.

Acquired the "NATIVE" ticker on HyperCore to prevent confusion and confirmed no token issuance plans.

Ethena has officially withdrawn its USDH stablecoin proposal and its founder congratulated the project, while the Hyperliquid Foundation pledged to abstain from the vote. The project is positioned with a regulatory advantage over Paxos as it does not require NYDFS approval unlike traditional stablecoin issuers.

Following the USDH ticker win, the project proposes a yield structure with 50% going to HYPE buybacks and 50% to ecosystem growth through a new airdrop farm, alongside a points system incentivizing migration from USDC/USDT.

The project has officially won the Hyperliquid USDH stablecoin selection process, confirming the outcome that was previously anticipated through community sentiment and Polymarket predictions.

A community member describes a "good win" for the project in relation to Hyperliquid, suggesting a positive development in the USDH stablecoin selection process.

New accusations surface alleging the USDH ticker selection process was completely rigged beforehand, with the winner predetermined before any proposals were submitted.

Polymarket odds surge to 90% from previously reported 77% for winning the USDH ticker, driven by allegations that a competing contender is attempting to bribe voters.

Polymarket users now predict a 77% chance of winning Hyperliquid's USDH stablecoin bid, up from previously reported 71% odds.

Community sentiment emerges questioning the project's execution capabilities compared to established competitors like Ethena and Paxos, with concerns about execution risk despite lower reputational downside. The final validator vote is scheduled for September 14th.

Ethena proposal surfaces as additional competition in the USDH selection process, with community discourse suggesting strategic voting considerations around competitors potentially moving to Hyperliquid.

Projected to win USDH ticker with 71% odds despite controversy allegations regarding validator bias and advanced notice of the RFP.

The proposal uses an "issuer-agnostic via Bridge" approach with programmatic mint/redeem functionality, competing against 8 total proposals for USDH ticker assignment where Hyperliquid stakers and validators will vote on their preferred choice.

Native Markets emerges as the only USDH proposal incorporating HIP-3 integration, with a 50% revenue allocation model that includes all fees rather than just underlying asset fees to incentivize market growth.

A co-founder reveals Hyperliquid loses more than $200m annually to firms treating it as an afterthought, positioning the project to capture this value leakage and kickstart Hyperliquid's next chapter.

The competitive selection process for USDH deployment is described as an active "race" between Native Markets and Paxos, with upcoming Spaces planned where deployers will be evaluated by the community.

The project is identified as one of two main applications for Hyperliquid's new stablecoin USDH, with team comprising experienced members from Liquity, Uniswap, Ritual, Paradigm and Polychain.