According to the source, there is a claim that Hyperliquid’s stablecoin USDH launched today with nearly $2M in early trading volume, but no verifiable primary source was provided. Please share an official announcement from Hyperliquid (e.g., the project’s website or X account), a contract/mint address, or on-chain/exchange data so a compliant, trading-oriented summary with proper citations can be produced.

According to @Nick_van_Eck, Agora proposes powering Hyperliquid’s USDH with State Street as reserve fund custodian/admin and VanEck as asset manager, holding short‑dated U.S. Treasuries, ON RRP, and cash with on‑chain proof by Chaos Labs. Source: @Nick_van_Eck on X, Sep 7, 2025; Hyperliquid Discord post. The proposal pledges 100% of net revenue from USDH reserves to the Hyperliquid Assistance Fund and HYPE buybacks, tying protocol revenue directly to USDH float growth for validator‑aligned accrual. Source: @Nick_van_Eck on X, Sep 7, 2025. Liquidity and access plan includes at least $10M day‑1 seeding for USDH pairs and fiat rails via Cross River and Customers Bank to accelerate market‑maker on/off‑ramp flows. Source: @Nick_van_Eck on X, Sep 7, 2025. USDH would be Hyperliquid‑native via Agora’s white‑label engine, interoperable through LayerZero cross‑chain minting, and distributed via Rain’s global cards/on‑ramps and EtherFi’s consumer channels. Source: @Nick_van_Eck on X, Sep 7, 2025. The issuer framework is described as prudentially licensed and GENIUS‑compliant with a global footprint supporting institutional scale. Source: @Nick_van_Eck on X, Sep 7, 2025. Governance rationale warns against Stripe/Bridge due to conflicts with Stripe’s Tempo L1 and smaller banking partners, aiming to keep USDH branding and control within Hyperliquid. Source: @Nick_van_Eck on X, Sep 7, 2025. The post provides deployer address 0x8010f766AA84bB0Cc57e7C0bf13149cF9BC62b65 and directs discussion to a Hyperliquid Discord thread for community review. Source: @Nick_van_Eck on X, Sep 7, 2025; Hyperliquid Discord post.