Stablecoin dossierReturn to register
Record sog_st_usdh
USDH/USDH
Also recorded as USDH, Hyperliquid USDH, Native Markets USDH
- Lifecycle
- Restricted
- Issuance
- Restricted
- Reference target
- US dollar
- Primary organization
- Bridge1 additional relationship
- Launch
- Not yet recorded
- Redemption
- Restricted
- Backing
- Fiat and cash equivalents
- Stabilization
- Issuer redemption
- Last review
- 2026-06-26
- Evidence
- 5 source records
Reviewed assessment
Identity and current state
This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.Hyperliquid-native reserve-backed stablecoin designed by Native Markets and issued through Bridge infrastructure, currently in a migration-period lifecycle.
| Name | USDH |
|---|---|
| Symbol | USDH |
| Aliases | USDH, Hyperliquid USDH, Native Markets USDH |
| Asset class | Stablecoin |
| Lifecycle status | Restricted |
| Issuance status | Restricted |
| Canonical record ID | sog_st_usdh |
| Route slug | usdh |
| Record confidence | High |
| Last reviewed | 2026-06-26 |
- Name
- USDH
- Symbol
- USDH
- Aliases
- USDH, Hyperliquid USDH, Native Markets USDH
- Asset class
- Stablecoin
- Lifecycle status
- Restricted
- Issuance status
- Restricted
- Canonical record ID
sog_st_usdh- Route slug
usdh- Record confidence
- High
- Last reviewed
- 2026-06-26
Record coverage
| Section | Entries |
|---|---|
| Organizations | 2 |
| Sources | 5 |
| Reserve reports | 1 |
| Reserve components | 1 |
| Model-history events | 1 |
| Regulatory notes | 0 |
| Deployments | 2 |
| Issuer-control actions | 0 |
| Open questions | 5 |
| Events | 1 |
Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.
- Governance
- Centralized
- Primary display organization
- Bridge
- Primary display role
- Legal issuer
- Display selection mode
- Deterministic Policy
- Current relationships
- 2
- Ended relationships
- 0
- Unknown relationship state
- 0
- Freeze capability
- 0 recorded yes · 0 recorded no · 2 not recorded
- Blacklist capability
- 0 recorded yes · 0 recorded no · 2 not recorded
- Deployment control-event references
- 0
- Observed issuer-control events
- 0
- Relationship coverage
- 2 recorded relationships
| Organization | Organization category | Regulatory character | Jurisdiction | Role | Display priority | From | Until | Relationship status |
|---|---|---|---|---|---|---|---|---|
| Bridge | Digital-asset service or infrastructure provider | Regulated digital-asset service provider | United States | Legal issuer | Primary display | Not yet recorded | Not yet recorded | Active relationship |
| Native Markets | Protocol or software system | Protocol or decentralized system | Decentralized / multi-entity | Protocol operator | Additional relationship | Not yet recorded | Not yet recorded | Active relationship |
Digital-asset service or infrastructure provider
Primary displayBridge
- Functional role
- Legal issuer
- Relationship status
- Active relationship
- Regulatory character
- Regulated digital-asset service provider
- Jurisdiction
- United States
- From
- Not recorded
- Until
- Not recorded
Protocol or software system
Additional relationshipNative Markets
- Functional role
- Protocol operator
- Relationship status
- Active relationship
- Regulatory character
- Protocol or decentralized system
- Jurisdiction
- Decentralized / multi-entity
- From
- Not recorded
- Until
- Not recorded
Mechanism
How the asset works
Reference, backing, stabilization, exit, valuation, and yield remain separate facts.- Reference target
- US dollar
- Reference kind
- Fiat
- Comparison category
- US dollar
- Target value
- Not yet recorded
- Reference methodology
- Targets one U.S. dollar during a migration and liquidity-transition period.
- Public backing model
- Fiat and cash equivalents
- Canonical backing types
- Cash, Government Securities, Tokenized Fund, Mixed
- Reserve component categories
- Other
- Primary stabilization mechanism
- Issuer redemption
- Recorded model description
- Cash Government Securities Tokenized Funds and Cash Equivalents
- Redemption / exit model
- Restricted
- Valuation source
- Public information is incomplete
- Yield / rebase profile
- None recorded
- Classification notes
- Issuer-backed Hyperliquid stablecoin treated as limited during an unresolved migration and liquidity-transition period.
Reserve and redemption
Reserve and redemption
Recorded components, disclosures, reports, and redemption conditions remain explicit.Reserve components
- Cash, U.S. Treasury exposure, cash equivalents, and tokenized reserve assetsOther · Composite reserve context recorded without unsupported current allocations; migration-period chronology remains unresolved.
| Disclosure status | Monthly Attestation and Live Reserve Context |
|---|---|
| Backing types | Cash, Government Securities, Tokenized Fund, Mixed |
| Summary | Official material describes 1:1 reserves managed across off-chain and on-chain structures with monthly attestations. |
| As of | 2026-06-26 |
| Profile confidence | High |
- Disclosure status
- Monthly Attestation and Live Reserve Context
- Backing types
- Cash, Government Securities, Tokenized Fund, Mixed
- Summary
- Official material describes 1:1 reserves managed across off-chain and on-chain structures with monthly attestations.
- As of
- 2026-06-26
- Profile confidence
- High
| Current status | Restricted |
|---|---|
| Settlement asset | USD or Usdc |
| Eligible parties | Approved institutional users and supported migration or liquidity routes. |
| Retail access | Market Based During Migration |
| Institutional access | Approved Participant Direct |
| Minimum amount | Program and migration terms dependent. |
| Fee | Issuer, migration, network, and liquidity terms apply. |
| Settlement time | Banking rails, migration, and liquidity dependent. |
| Regional limits | Migration, onboarding, issuer, network, and liquidity restrictions apply. |
- Current status
- Restricted
- Settlement asset
- USD or Usdc
- Eligible parties
- Approved institutional users and supported migration or liquidity routes.
- Retail access
- Market Based During Migration
- Institutional access
- Approved Participant Direct
- Minimum amount
- Program and migration terms dependent.
- Fee
- Issuer, migration, network, and liquidity terms apply.
- Settlement time
- Banking rails, migration, and liquidity dependent.
- Regional limits
- Migration, onboarding, issuer, network, and liquidity restrictions apply.
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| Not yet recorded | USDH | Official Monthly Attestation and Live Reserve Context | Cash, Government Securities, Tokenized Fund, Mixed | High |
USDH
Not yet recorded- Type
- Official Monthly Attestation and Live Reserve Context
- Assets covered
- Cash, Government Securities, Tokenized Fund, Mixed
- Record confidence
- High
Deployments and legal context
Deployments and legal context
Network state, contract identity, legal notices, and value states remain separate.| Network | Network record state | Standard | Public deployment category | Canonical deployment type | Operational state | Recorded status | Change or proposal state | Canonicality | Canonicality record state | Verification state | Contract identity state | Contract or identifier | Freeze | Blacklist | Control events | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hyperliquid HyperCore | Specific network recorded | HIP-1 native token | Issuer- or institution-supported deployment | Issuer Supported Native Token | Limited | Limited | No separate change state recorded | Native deployment | Canonicality recorded | Source-linked record; identifier not recorded | Identifier not recorded | Identifier not recorded | Not yet recorded | Not yet recorded | 0 | Native HyperCore representation during migration; token identifiers and authority controls remain unresolved. |
| HyperEVM | Specific network recorded | ERC-20 | Cross-chain or bridged representation | Linked Native Representation | Limited | Limited | No separate change state recorded | Canonical bridge representation | Canonicality recorded | Source-linked record; identifier not recorded | Identifier not recorded | Identifier not recorded | Not yet recorded | Not yet recorded | 0 | Linked HyperEVM representation during migration; contract and linking-control details remain unresolved. |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
No regulatory notes have been added yet.
Evidence
Evidence
Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.| Source | Publisher | Source category | Provenance | Primary or secondary | Supported claims | Archive | Reliability |
|---|---|---|---|---|---|---|---|
| About USDH Published Not yet recorded | USDH | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Identity, Issuer, Operator, Product, Identity Issuer and Operator | Archive index or wildcard | High |
| USDH reserves Published Not yet recorded | USDH | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Reserve, Attestation, Income Allocation, Backing, Reserve Composition Attestations and Income Allocation | Archive index or wildcard | High |
| USDH overview Published Not yet recorded | USDH | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Product, Backing, Issuer Role, Operator Role, Product Backing and Ecosystem Roles | Archive index or wildcard | High |
| USDH minting and redeeming Published Not yet recorded | USDH | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Mint, Redemption, Access, Settlement, Minting Redemption and Access | Archive index or wildcard | High |
| USDH migration Published Not yet recorded | USDH | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Migration, Lifecycle, Liquidity Transition, Support Status, Migration Lifecycle and Liquidity Transition | Archive index or wildcard | High |
Known unknowns
Known unknowns and coverage
Missing or disputed facts remain visible instead of being converted into certainty.| Topic | What remains unclear | Value state | Priority | Last checked |
|---|---|---|---|---|
| Canonical Launch Date and First Mint | The exact first public launch, first mint, and first external circulation boundary remain unresolved. | Unknown after review | Medium | 2026-06-26 |
| Bridge Issuer Terms and Direct Redemption Agreement | The complete issuing-entity terms, holder claims, eligibility, fees, minimums, settlement timing, and emergency controls remain incomplete. | Unknown after review | High | 2026-06-26 |
| Hypercore Hyperevm Contract and Authority Map | HyperCore token identity, linked HyperEVM contract, linking controls, deployer, mint, pause, and upgrade authorities remain incomplete. | Unknown after review | High | 2026-06-26 |
| Migration Timeline Final Support and Successor Liquidity | The migration start, treasury-deployer transition, final support date, redemption end state, and successor-liquidity boundary remain unresolved. | Unknown after review | High | 2026-06-26 |
| Reserve Attestation and Income Allocation Chronology | The complete reserve allocation, custodian, monthly attestation, and ecosystem-contribution income chronology remains incomplete. | Unknown after review | Medium | 2026-06-26 |
Canonical Launch Date and First Mint
The exact first public launch, first mint, and first external circulation boundary remain unresolved.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-26
Bridge Issuer Terms and Direct Redemption Agreement
The complete issuing-entity terms, holder claims, eligibility, fees, minimums, settlement timing, and emergency controls remain incomplete.
- Value state
- Unknown after review
- Priority
- High
- Last checked
- 2026-06-26
Hypercore Hyperevm Contract and Authority Map
HyperCore token identity, linked HyperEVM contract, linking controls, deployer, mint, pause, and upgrade authorities remain incomplete.
- Value state
- Unknown after review
- Priority
- High
- Last checked
- 2026-06-26
Migration Timeline Final Support and Successor Liquidity
The migration start, treasury-deployer transition, final support date, redemption end state, and successor-liquidity boundary remain unresolved.
- Value state
- Unknown after review
- Priority
- High
- Last checked
- 2026-06-26
Reserve Attestation and Income Allocation Chronology
The complete reserve allocation, custodian, monthly attestation, and ecosystem-contribution income chronology remains incomplete.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-26
Lifecycle
History
Current classification remains separate from dated changes and incidents.Model and lifecycle changes
- USDH enters migration periodMigration
| Date | Event | Category | Subtype | Status effect | Recovery |
|---|---|---|---|---|---|
| — | USDH enters migration period | Migration and rebrand | Migration | Restricted or impaired | Not applicable |
Related records and corrections
Corrections and further reading
Open connected records, methodology, machine-readable data, or report a correction.- All stablecoinsCompare this record with the rest of the archive.
- BridgeUnited States
- Event registry1 connected event recorded.
- MethodologyRead classification, evidence, and value-state rules.
- CorrectionsReport a source, relationship, or record problem.
- Data manifestInspect the machine-readable public layer.