Native Markets team wins Hyperliquid USDH stablecoin bid, eyes test phase ‘within days’

The Block

Hyperliquid’s validator community has selected Native Markets to receive the long-reserved USDH ticker, concluding a weeklong contest that drew bids from some of the biggest names in stablecoins and crypto infrastructure.

In a post announcing the outcome, Native Markets said it will move immediately into a staged rollout, beginning with a small-scale testing phase for mints and redemptions before opening a USDH/USDC spot pair and then removing caps. The team framed the capped limits as a safety check ahead of general availability, and said that activity should start "within days."

The campaign to win USDH became Hyperliquid’s first major on-chain governance vote outside of routine listings. Native Markets issued the first proposal for USDH just 90 minutes after Hyperliquid issued the call, and later updated the proposal following community feedback. The Hyperliquid Foundation abstained from the vote.

Native Markets' USDH will be issued natively on Hyperliquid's HyperEVM network, with reserves managed across a mix of off-chain and on-chain assets and an explicit plan to split reserve yield between HYPE buybacks and programs to expand USDH distribution. The stablecoin will be "fully backed by cash and US treasury equivalents with offchain reserves initially managed by BlackRock and onchain reserves by Superstate through [Stripe-owned] Bridge," according to the proposal.

Despite bids from established players such as Paxos, BitGo, Ethena, and others, Native Markets was heavily favored to win the vote throughout most of the proposal period by prediction markets. Most bidders pledged to share most or all of the stablecoin's yield with the Hyperliquid ecosystem, through contributions to the Hyperliquid Assistance Fund (which buys back the HYPE token), ecosystem growth initiatives, or direct buybacks.

The forthcoming issuance of USDH poses a potential threat to Circle's USDC, currently the dominant dollar-backed stablecoin on the network. Nearly $6 billion worth of USDC reserves are held on the platform, according to DefiLlama data. Though Native Markets received the USDH ticker, USDC and other stablecoins will continue to be supported on Hyperliquid as quote assets, as long as they meet certain thresholds such as a 200,000 HYPE stake (worth about $10 million), a robust $1 peg mechanism, and minimum depth against USDC and HYPE.

Native Markets was co-founded by Max Fiege, an early Hyperliquid ecosystem investor and advisor, Anish Agnihotri, an experienced blockchain researcher and developer, and MC Lader, the former president and COO of Uniswap Labs. "This is the only proposal built by a team with the combination of deep Hyperliquid experience, trading knowledge, institutional credibility and DeFi regulatory battle wounds," Native Markets' proposal states.

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Conflux to Hold AMA on X on September 15th

Coindar

Conflux will host an AMA on X with dForce scheduled for September 15th at 13:00 UTC. The event is included in the Code Without Borders – SummerHackfest 2025 programme.

The session is expected to provide a general introduction to dForce and address topics related to artificial intelligence and real-world assets.

Refer to the official tweet by CFX:

Conflux Network Official

@Conflux_Network

AMA x Spaces with @dForcenet is this Monday!

🗓 Sept 15

â° 9:00 AM ET | 13:00 UTC

🎙 General intro to dForce + chat on AI & RWA

🏷 Part of Code Without Borders â€“ SummerHackfest 2025

🔔 Set a reminder: https://t.co/GE7Md3j9uV

Sep 12, 2025

CFX Info

Conflux Network (CFX) is a public, permissionless blockchain that aims to provide high-performance, scalable, and secure infrastructure for decentralized applications (DApps) and digital assets. It leverages a unique consensus protocol called Tree-Graph, which is designed to achieve high throughput and security while being highly decentralized and without forking. The native token of the Conflux Network is Conflux (CFX). It serves multiple purposes within the network including as the medium of exchange to pay for transactions and computational services, as a staking token for network consensus, and for governance votes.

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Kadena to Participate in ETHGlobal in New Delhi on September 25th

Coindar

Kadena announced that its team members, including Solidity engineer Heather Swope, product manager Travis Lydon, and developer relations lead, will participate in ETHGlobal New Delhi on September 25, 2025. The event will provide opportunities to connect with the Kadena team and discuss developments within the KDA ecosystem.

Refer to the official tweet by KDA:

Kadena

@kadena_io

🗓ï¸ ETHGLOBAL NEW DELHI 🗓ï¸

Connect with #Kadena at @ETHGlobal later this month as @SolidityDegen, @Travis_Kadena and Heather will be attending.$KDA | New Delhi, India 🇮🇳 pic.twitter.com/AVtBzVElN7

Sep 12, 2025

KDA Info

Kadena is a public blockchain platform that provides a secure, scalable, and user-friendly environment for developing and launching distributed applications (dApps).

One of the unique features of Kadena is its utilization of a new form of Proof-of-Work (PoW) in its consensus protocol. This protocol, called "Chainweb," is designed to achieve high throughput and scalability while maintaining security and decentralization.

The Kadena token (KDA) is a digital currency that is used to pay for computation on the Kadena public chain. Similar to ETH on Ethereum, KDA on Kadena is the token in which miners are compensated for mining blocks on the network and is the transaction fee that users pay in order to have their transactions included in a block.

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SafePal to Participate in TOKEN2049 in Singapore on October 1st

Coindar

SafePal will participate in the TOKEN2049 conference, set to be held in Singapore, from October 1 to 2.

Refer to the official tweet by SFP:

SafePal - Crypto Wallet

@iSafePal

Singapore, weâ€™re back! 🇸🇬

Thrilled to announce that SafePal is joining @token2049 as a proud sponsor 🙌

Catch us at booth PB4-8 on L4 â€” surprises, prizes, and merch await!

🗓ï¸ Oct 1-2, 2025

📍 Marina Bay Sands, Level 4, PB4-8

Ready to have some fun? See you there! 👀 pic.twitter.com/7VDEoVqovs

Sep 12, 2025

SFP Info

SafePal is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto asset management platform for the masses. SafePal provides hardware wallet and software wallet product lines, all paired and managed through the SafePal App, where users can easily store, manage, swap, trade, and grow their crypto wealth.

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Kava to Hold AMA on X on September 16th

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Kava will hold an AMA on X with Raghu on September 16 at 15:00 UTC. The discussion will focus on upcoming proposals and the importance of transitioning Kava into a mature network.

KAVA Info

Kava.io is a decentralized finance (DeFi) platform that operates on the Cosmos network, leveraging the power and flexibility of blockchain technology to facilitate crypto-based financial services. KAVA, its native cryptocurrency, plays a vital role within the platform.

The KAVA token has multifaceted uses within its native ecosystem. It serves as a governance token, enabling holders to vote on various protocol decisions, helping to shape the future development and operations of the platform. Moreover, KAVA can be staked, contributing to the security and stability of the network, and in return, stakers receive rewards.

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XYO Network to Make Announcement on September 16th

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XYO Network will make an announcement on September 16th.

XYO Info

The XYO Network propels trust-free transactions by establishing a cryptocurrency ecosystem that serves as a bridge connecting the present and future.

The XYO Network's ability to interact with the real world enhances the functionality of smart contracts. It employs an array of devices within the XYO Network ecosystem to confirm if an object is at a specific XY coordinate. Consequently, applications that facilitate smart contract transactions can be installed once this is verified.

Consider an e-commerce firm as an instance. By leveraging the XYO Network, the firm can provide a premium service of payment upon delivery. This service is made possible by utilizing the XYO Network, which employs XYO tokens to generate a smart contract.

The XYO Network is designed to track a parcel's location throughout the entirety of the delivery process: from its origin at the warehouse, through the courier service, and finally to the consumer's home, including any intermediary locations. This comprehensive tracking ability enables retailers and e-commerce platforms to confirm not only the delivery of a package to a customer's doorstep, but also its secure arrival.

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Pakistan’s crypto regulator invites crypto firms to get licensed, serve 40 million local users

The Block

The Pakistan Virtual Assets Regulatory Authority (PVARA), the crypto regulator formed in July to formalize the South Asian country's burgeoning digital asset sector, has called on global crypto firms to apply for a local license and serve 40 million Pakistani crypto users.

The finance ministry issued a statement on Saturday calling on global crypto firms that have already been regulated in at least one major jurisdiction, such as the U.S., EU, or Singapore, to apply to receive a license to operate in Pakistan, according to local reports.

PVARA was created in July by the country's Virtual Assets Ordinance, which established a comprehensive regulatory framework for digital assets. Crypto firms are not permitted to operate in the country without a license, and applicants must meet minimum capital requirements, demonstrate robust security systems, and maintain compliance programs to become licensed. The firms' services must also comply with Sharia law, under the guidance of a committee of Islamic finance scholars.

"This [expression of interest] is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, chairman of PVARA and minister of state for crypto and blockchain, in a statement.

To apply, companies must provide detailed information about existing licenses, the firm's operations and technology, security protocols, and compliance history. Companies must also detail their plans to serve Pakistan's market.

The ministry's statement claims the country boasts "over 40 million users and an estimated annual trading volume exceeding $300 billion," and "represents one of the world’s most dynamic frontier opportunities." Pakistan has been warming toward crypto in recent months, forming a crypto council which includes Binance co-founder Changpeng "CZ" Zhao as a member, eyeing an expansion of Bitcoin mining, and planning a government-led strategic Bitcoin reserve.

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