Decentralized exchange Hyperliquid (HYPE) is preparing to launch its own U.S. dollar stablecoin, according to a Friday announcement from the Hyperliquid Foundation on the platform's Discord server.

The protocol has reserved the ticker USDH, which validators will soon vote to allocate through an on-chain governance process, the announcement read. Teams interested in deploying USDH can submit proposals, and the winning group will be selected by validator quorum, the post added.

"The USDH ticker is well-suited for a Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin," it said.

Stablecoins are a crucial piece of infrastructure of crypto markets, serving as liquidity and trading pairs to settle most trades. It's a $270 billion asset class, currently dominated by Tether's US

See Full Page