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USDH governance: HypurrCorea’s Evaluation Framework Gmeow, we are HypurrCorea, one of the Foundation-delegated @HyperliquidX validators operated by @SKYGG_Official and @DeSpreadTeam. The Role of Hyperliquid Validators On Hyperliquid, validators are entrusted with several critical responsibilities. We perform essential functions such as block production, calculating the perps Mark Price by referencing oracle price feeds, and signing bridge transactions. We also participate as members of the governance body, deciding on important matters, including delisting votes of perps trading pairs. The Importance of the USDH Vote The Foundation recently announced that the operating team for USDH, Hyperliquid’s official stablecoin ticker, will be chosen through validator voting. USDH will be issued natively on Hyperliquid (HyperEVM), making it one of the most important assets in the ecosystem. Unlike USDC or USDT, which rely on external bridges, USDH avoids bridging risks and carries the weight of being community-endorsed from day one. Whoever secures the USDH ticker will gain the ability to issue a protocol-backed stablecoin and, through the ticker auction, create core spot trading pairs like HYPE/USDH, BTC/USDH, and more. (USDH will be the first of several native stablecoins, as the framework for Quote Assets is set to move toward a permissionless model.) The impact goes far beyond just spot markets. A native stablecoin holds significant meaning in itself. With the launch of HIP-3, we expect a wave of derivative markets built around USDH collateral: - Major pairs like BTC-USDH Perp (reducing reliance on USDC pairs) - Stock index derivatives such as SPX-USDH and NQ-USDH Perp - Pre-IPO markets like vSPACEX-USDH and vKRAKEN-USDH (i.e. by Ventuals) Other entirely new product categories Launching a native stablecoin is a milestone for Hyperliquid. It strengthens the ecosystem by keeping value inside rather than flowing out to external issuers, and it sets the stage for entirely new markets and growth cycles. That’s why this vote carries such weight. It isn’t just about assigning a ticker—it’s the first time validators will decide who operates a core piece of the Hyperliquid economy. It’s also the first new Quote Asset since USDC and USDT, making this a defining moment. As validators, we feel a deep responsibility to make sure the right team is chosen to lead USDH. Core Evaluation Criteria for Selecting the USDH Operating Team Ahead of this important vote, we believe validators and the community should consider five key factors: 1. Regulation & Risk 2. Team Expertise 3. Liquidity Strategy 4. Community Contribution 5. Other Strategic Capabilities 1. Regulation & Risk Stablecoins are now directly regulated under the U.S. GENIUS Act, with similar frameworks emerging worldwide. Any team operating USDH must have a deep grasp of stablecoin mechanics and regulatory obligations - or partner with those who do. The requirement is non-negotiable: USDH must be structured to comply with U.S. and European laws. If it falls short, Hyperliquid could still face indirect consequences, as regulators will not ignore a community-endorsed stablecoin. The Foundation has already set the bar by requiring USDH to be a “compliant USD stablecoin.” A compliant USDH requires: - 100% backing with high-quality liquid assets - Segregated reserve custody - AML/CFT and sanctions compliance - Transparency with regular reporting and audits The issuing team must also detail how they’ll keep the peg stable at $1 and outline crisis-response strategies for volatility or liquidity shocks. 2. Team's Expertise Operating USDH requires more than regulatory awareness—it demands mastery of stablecoin design and market adoption. Handing this responsibility to an inexperienced team would expose Hyperliquid to outsized risk. The chosen team should: - Include proven stablecoin experts or strong external partners - Show prior track record in issuance and ecosystem integration - Demonstrate capability to expand USDH adoption across Spot, HIP-3, and the HyperEVM DeFi ecosystem - Drive growth through listings, DeFi integrations, and robust market making USDH will not become not just a stablecoin, but the base asset of the Hyperliquid ecosystem. 3. Liquidity Strategy A stablecoin's success is determined not by its issuance alone, but by its actual usage and adoption. The fact that USDT (59.2%), USDC (25%), and USDe (4.4%) have secured their market shares is due to their clear use cases and advantages. USDT serves as the reserve currency for centralized exchanges; USDC has earned the trust of DeFi, institutions, and enterprises through its regulatory compliance; and USDe has attracted investors with its high APY. Other stablecoins have failed to gain widespread adoption because they lack a distinct differentiating factor. Hyperliquid offers the optimal environment for a native stablecoin like USDH to succeed. $5.4 billion in USDC has already been bridged from Arbitrum, and the platform facilitates an average of $10 billion in daily Spot & Perp trading volume. If a Hyperliquid native stablecoin can capture this market share from Circle's USDC, it would prevent immense value from leaving the ecosystem and instead use it as a catalyst for internal growth. While USDT0 already exists in the Spot market with a HYPE/USDT0 pair, its trading volume is over 180 times smaller than that of HYPE/USDC. Although lower fees for stablecoin-to-stablecoin trades in the next upgrade may help, the fact remains that the total supply of USDT0 within the Hyperliquid ecosystem is critically low. Unlike the $5.4 billion of bridged USDC, the combined total of USDT0 on HyperCore and HyperEVM is only $193 million, most of which is utilized on the HyperEVM chain, leaving only $6.2 million on the HyperCore exchange. Therefore, USDH must be issued on a large scale, be actively used throughout the HyperEVM ecosystem, and be supplied with deep liquidity to serve as the core collateral asset on the HyperCore exchange. To ensure the community and voters (validators) can make an informed decision, it is crucial that any proposing team provides transparent information regarding the issuance, liquidity, and operation of USDH. This will be instrumental in the selection process. - Minting/Redemption Structure and Roadmap: A technical process and policy roadmap related to USDH's minting and redemption mechanisms. - Initial Liquidity Provision Strategy: A concrete plan for providing and maintaining liquidity to help users smoothly transition from existing stablecoins to USDH. - Peg Stability and Crisis Management Plan: A step-by-step response protocol and stability recovery mechanism to prepare for potential de-pegging situations. 4. Community Giveback Hyperliquid is an ecosystem where the power of the community is exceptionally strong, sharing a "Hyperliquid ethos" that prioritizes the community above all. This is evident in the Foundation's efforts to use 97% (and soon 99%) of exchange revenue for $HYPE buybacks, to decentralize as many processes as possible, and in ecosystem projects like Unit, which uses spot trading fees to buy back $HYPE. USDH must embody the same ethos. It should not be treated as a profit-making venture, but as a tool to keep value circulating inside Hyperliquid instead of enriching external issuers. The operating team should commit to: - Returning meaningful revenue from reserves to the ecosystem - Potentially using mechanisms like $HYPE buybacks or AF Vault contributions - Clearly aligning incentives with the broader ecosystem Without this, USDH risks being dismissed as “just another stablecoin.” 5. Other Strategic Capabilities A successful roadmap for USDH should include: 1. Large-scale issuance to supply the market with sufficient USDH 2. Deep liquidity to secure dominance in Spot trading 3. Ecosystem integration as the primary stablecoin on HyperEVM 4. Collateral utility as the base asset for new HIP-3 derivative markets To deliver on this vision, each proposing team must show clear capabilities or concrete plans in: 1. Institutional partnerships to enable large-scale issuance 2. Collaboration with market makers (MMs) to ensure deep Spot market liquidity 3. Bridge integrations and MM partnerships to onboard new Spot assets 4. Coordination with HyperEVM ecosystem teams for seamless adoption 5. Collaboration with HIP-3 builders to expand USDH into derivatives 6. Revenue utilization strategies to channel reserve income and trading fees back to the Hyperliquid community If the team can develop the ecosystem in creative ways beyond these points, the future of Hyperliquid will be even brighter. Making this roadmap a reality requires a team that is fully committed to Hyperliquid with their time and energy. There are no shortcuts. This means navigating complex regulations, working hand-in-hand with teams across the ecosystem, and delivering real value back to the community. So in the end, it all boils down to one simple question: Which team is truly ready to go all-in for Hyperliquid's stablecoin? Conclusion We have outlined the core requirements and qualifications for the team that will operate USDH. These standards may feel demanding, but they are necessary for any group entrusted with a stablecoin that carries the symbolic and practical weight of USDH. We will use these criteria for each team and conduct an evaluation. This decision will not be influenced by personal relationships or affiliations. What matters is whether a team truly understands the Hyperliquid ethos and can deliver on regulatory compliance, liquidity depth, crisis management, and community alignment. Only a team with a well-balanced and compelling plan across all these fronts should be given the responsibility of issuing USDH. If done right, USDH can become a powerful growth flywheel for Hyperliquid. A stable, liquid, and native stablecoin will anchor the ecosystem, attract more users, boost trading volumes, and grow protocol revenue. Over time, USDH will be central to Hyperliquid’s mission of leading the future of onchain finance. As always, we place the community’s voice first. Before the vote, we will share our evaluation framework and results, and we will make our final decision only after gathering further feedback. If there are additional factors we should weigh (such as whether USDH should be Hyperliquid-first or multi-chain, or how strongly the team prioritizes Hyperliquid) we welcome your input. Hyperliquid.