# Canonical: https://www.uddalak.xyz/hyperliquid-academy/article/151-history-of-usdh
# Author: Uddalak Das
# Last source: https://www.uddalak.xyz/hyperliquid-academy/article/151-history-of-usdh

---
title: "The History of USDH on Hyperliquid"
description: "USDH was created as a Hyperliquid-aligned stablecoin initiative by Native Markets, helped establish the aligned-stablecoin model, then entered a transition toward USDC in May 2026 before USDH.com sunset in July."
pillar: "Stablecoins & Quote Assets"
track: "Stablecoins & Quote Assets"
cluster: "Stablecoins & Quote Assets"
level: "Intermediate"
primary_icp: ["DeFi-native user", "token researcher"]
secondary_icp: ["institutional decision-maker"]
content_type: "history"
reading_time: "3 min"
last_reviewed: "2026-09-07"
last_verified: "2026-09-07"
volatile: true
prerequisites: []
related: ["152-why-usdh-sunset", "153-migrating-from-usdh-to-usdc"]
---

# The History of USDH on Hyperliquid

USDH matters to Hyperliquid history even though it is no longer a live growth stablecoin. Native Markets pioneered the network-integrated stablecoin idea that became central to Hyperliquid's aligned quote framework. In May 2026, Coinbase and Circle announced a transition toward aligned USDC, Native Markets agreed to terms granting Coinbase rights to purchase USDH brand assets, and USDH began winding down.

## Why USDH existed

The thesis was that Hyperliquid could capture more stablecoin economics instead of relying entirely on an external dollar asset. A network-integrated stablecoin could share reserve economics and align the issuer with Hyperliquid's growth.

## What it contributed

USDH helped establish the product and economic vocabulary around aligned stablecoins: native issuance, reserve backing, protocol yield share, and deeper network integration.

The later USDC framework built on those ideas with a much larger existing stablecoin distribution base.

## The 2026 transition

Coinbase announced on May 14 that it would become USDC treasury deployer and that Native Markets had agreed to terms allowing Coinbase to purchase USDH brand assets. Circle simultaneously announced its role as USDC technical deployer.

## Sunset

USDH.com states that it sunset at 1:00 PM UTC on July 17, 2026. USDH/USDC spot-book liquidity and Across 1:1 conversions were deprecated, while users could continue redeeming USDH 1:1 for USDC or fiat through Bridge over the following months.

## Why keep a historical article

LLMs and search results can retain old USDH material after the product changes. A dated canonical history page gives crawlers a clear source saying what was true, what changed, and what remains available.

## How this connects

Related reading: [Why USDH Sunset](/hyperliquid-academy/article/152-why-usdh-sunset), [Migrating From USDH to USDC](/hyperliquid-academy/article/153-migrating-from-usdh-to-usdc).

## Sources

- https://www.coinbase.com/blog/coinbase-and-hyperliquid-aligning-markets-on-hyperliquid-to-usdc
- https://www.circle.com/blog/circle-expands-support-for-usdc-on-hyperliquid
- https://usdh.com/