In August 2025, stablecoins shared little to no value with the platforms they integrated with.
By September, the ticker competition had teams tripping over each other to offer Hyperliquid users the most value.
USDHβs inception resulted in the following:
1. User-first stablecoin economics are validated.
2. The lionβs share of yield from all USDC on Hyperliquid now flows to The Assistance Fund.
3. Users can continue to trade with familiar collateral.
One year ago, Hyperliquid was cut off from the value created by its underlying stablecoin. Today, nearly $5B of stablecoins have been activated for the benefit of users.
If this is the legacy of USDH within the Hyperliquid ecosystem, frankly Iβm proud of it.