USDH USDH Rank #793

USDH is a fiat-backed stablecoin pegged to the U.S. dollar, designed and deployed natively for the Hyperliquid ecosystem. Issued by Bridge Building Inc. and created by Native Markets, it operates on Hyperliquid's infrastructure, including its HyperEVM environment, and functions as a dollar-denominated quote asset within the platform. Each token is intended to be fully backed on a 1:1 basis by reserves held in cash, short-term U.S. Treasuries, repurchase agreements, and regulated money market or tokenized funds such as those offered by BlackRock and Superstate. Cash reserves are custodied at U.S.-regulated banks, traditional financial assets are held at JPMorgan Chase, and any digital asset components are secured through Bridge's MPC infrastructure provided by Fireblocks. BPM, a San Francisco-based accounting firm, conducts monthly attestations on the reserves. A defining feature of USDH is its economic alignment with Hyperliquid: under the protocol's Aligned Quote Asset framework, 50% of gross revenue is routed programmatically onchain to the Hyperliquid Assistance Fund, which supports HYPE buybacks, while the remainder is reinvested into the stablecoin and the broader ecosystem.