Following the announcement of the community voting results, Native Markets, which submitted a proposal for the issuance and management of the Hyperliquid USD stablecoin (USDH), announced that it had successfully claimed the USDH token symbol. Founder Max Fiege stated that the project will release its first Hyperliquid Improvement Proposal (HIP) and simultaneously launch an Ethereum-based ERC-20 token in the coming days.

He explained that the initial phase will be a testing phase, with a single minting and redemption limit of $800, available only to a select group of users. Subsequently, the USDH/USDC spot trading pair will be launched, with unlimited minting and redemption. Previously, synthetic stablecoin issuer Ethena announced its withdrawal from the competition last Thursday, causing Native Markets' probability of selection to soar to over 99% on Saturday, according to Polymarket's prediction market. The competition for the USDH token symbol has garnered widespread attention from the community and industry, sparking discussion about the fairness of the selection process and the prospects of the stablecoin industry. (The Block)