Hyperliquid is launching $USDH, its native stablecoin. This is a massive catalyst for the ecosystem, and here’s why it’s incredibly bullish: Stablecoins are the backbone of any L1. With $USDH, Hyperliquid gains its own settlement layer that can connect perps, spot, staking, and EVM protocols like Kinetiq, Hypurrfi, and Hyperlend. Every new app in the ecosystem will want to integrate $USDH by default. TVL Expansion Stablecoins drive TVL. With $USDH as base collateral, protocols like Kinetiq’s Earn module and lending markets can scale massively. More $USDH in circulation = higher DeFi activity = stronger network effects. The stablecoin flywheel Instead of relying on external stables (USDC, USDT, DAI), value accrues internally via USDH: - Mint/burn fees - Collateralized lending flows - Native on/off ramps This creates a self-reinforcing liquidity loop where more adoption leads to more protocol revenue, which leads to more ecosystem growth. $USDH is a huge step forward for the entire Hyperliquid ecosystem and will be integrated into Mercury as soon as it's live on Mainnet. Hyperliquid.