Hyperliquid’s USDH Goes Live as Aster DEX Outpaces It in Revenue

Hyperliquid’s native stablecoin, USDH, is now live on the DEX’s network, HyperCore, according to Native Markets. This comes amid increased DEX competition with Aster DEX flipping Hyperliquid in daily revenue.
Hyperliquid’s USDH Launches Amid Aster DEX Competition
Native Markets revealed in an X post that the USDH stablecoin is now live for all Hyperliquid users, with the USDH/USDC spot order book open in HyperCore. They further revealed that over $15 million USDH has been pre-minted in the last 24 hours.
This comes less than two weeks after Native Markets won the bid to issue Hyperliquid’s native stablecoin. It also comes amid the increased DEX competition, with CZ-endorsed Aster DEX in the mix.
Native Markets stated that they minted the USDH stablecoin directly on the HyperEVM and have aligned it with the Assistance Fund, leading to a “first-class” stablecoin for the Hyperliquid network.
Meanwhile, the platform also revealed that, in line with the proposed aligned stablecoin framework put forward by Hyperliquid, their contribution to the Assistance Fund will begin accruing from today, as $0.50 of every dollar earned by USDH reserves will go toward the cause while they use the remainder to grow USDH. The stablecoin is fully backed by cash and short-term U.S. treasuries in line with the GENIUS Act.
Furthermore, Native Markets plans to roll out USDH on the top DEX Hyperliquid over the coming months. It noted that the HyperEVM integrations are already underway, while the stablecoin will soon be a quote asset on the spot market. Native minint will also soon be available on HyperCore, while Native Markets plans to roll out USDH-margined perp order books via HIP-3.
The DEX Competition Heightens
DeFiLlama data shows that Aster DEX has surpassed Hyperliquid and other DEXs in 24-hour revenue. The CZ-endorsed exchange has generated $10 million in revenue during this period, while Hyperliquid has generated $3 million.
However, Aster and Hyperliquid are behind in terms of DEX trading volume, ranking 10th and 12th with trading volumes of $602 million and $516 million, respectively. Uniswap and PancakeSwap have recorded the most trading volume in the last 24 hours, with $3.84 billion and $3.64 billion, respectively.
Notably, PancakeSwap recently introduced its Cross-Chain swaps feature on Solana, amid the Aster DEX competition. Both DEXs are natively on the BNB Chain. Aster already enables direct deposits from the Solana network.
Meanwhile, Aster’s CEO, Leonard Aster, confirmed that there are plans to launch an Aster Chain, similar to how Hyperliquid boasts its native network. He revealed that the layer-1 network will preserve trade privacy while also ensuring trade verifiability. This means that anyone can verify the trade, but won’t see what the position is.