<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/hyperliquid.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/hyperliquid.png"/></p>
<p>Hyperliquid 已确认 Native Markets 将发行其期待已久的稳定币 USDH，结束了数周的猜测和社区辩论。</p>
<p>这一决定是在一场引发争议的治理竞选之后做出的，该竞选吸引了包括 Paxos 和 Ethena 在内的主要参与者的关注，并已进入受控测试阶段，早期交易受到限制。</p>
<h2>Native Markets 成为 USDH 稳定币项目的热门候选者</h2>
<p>USDH 的竞选在行业内备受关注，Native Markets 在经过数周的宣传、验证者承诺和对预测平台的重注后，最终赢得了胜利。</p>
<p>曾被视为强有力竞争者的 Paxos，尽管提出了包括深度整合 PayPal 和 Venmo 的修订提案、2000 万美元的激励计划和收入分享上限，但未能获得动力。</p>
<p>Ethena 在最终决定前几天退出了竞赛，理由是对其非原生基础设施的担忧。</p>
<p>观察人士将这一结果描述为 Hyperliquid 的一个关键时刻，Hyperliquid 一直在稳步扩大其在数字资产市场的影响力。</p>
<p>值得注意的是，选择与原生参与者而非成熟外部发行者合作，被视为对生态系统自给自足和更紧密整合的声明。</p>
<h2>USDH 测试阶段开始，限制严格</h2>
<p>在 Native Markets 选择的公告后，USDH 的受控测试将在几天内开始，每个用户的交易限额为 800 美元。</p>
<p>值得注意的是，只有白名单参与者可以铸造或赎回代币，这一措施旨在降低系统评估期间的风险。</p>
<p>与此同时，USDH 的 ERC-20 版本正在为以太坊准备，以便在钱包、桥接和交易平台之间实现更容易的整合。</p>
<p>值得注意的是，这一步对 USDH 的采用至关重要，因为跨链兼容性仍然是竞争激烈的市场中稳定币的主要需求之一。</p>
<p>首个交易对 USDH/USDC 预计将很快开放，市场做市商预计，挂钩稳定性、价差和跨交易所的套利机会将作为稳定币健康和可信度的早期指标。</p>
<p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/profile_images/1849859818292641795/EoP6Wysu_normal.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/profile_images/1849859818292641795/EoP6Wysu_normal.jpg"/></p>
<p>回复 @fiege_max</p>
<p>我们将在几天内部署 USDH HIP-1 和相应的 ERC-20。然后我们将开始进行高达 800 美元/交易的铸造和赎回测试阶段，随后将开放 USDH/USDC 现货订单簿以及无限制的铸造。</p>
<p>晚上 9:52 ·2025 年 9 月 14 日</p>
<p>阅读 23 条回复</p>
<h2>对透明度的担忧</h2>
<p>虽然 Native Markets 的选择得到了 Hyperliquid 社区许多人的欢迎，但批评者质疑投票过程的透明度。</p>
<p>Dragonfly 的 Haseeb Qureshi 将这一程序描述为 “缺乏严谨性”，暗示可能存在幕后影响。</p>
<p>包括 Helius 的 Mert Mumtaz 在内的其他人强调了对更清晰治理的需求，并警告称，如果没有透明度，稳定币可能会显得可互换，几乎没有区别。</p>
<p>治理辩论现在转向即将到来的 Hyperliquid 改进提案，该提案将概述升级、权限和安全程序的规则。</p>
<p>关于谁将持有铸造和销毁权限、紧急控制的结构以及如何向公众披露储备数据等问题仍然悬而未决。</p>
<h2>谨慎的推出</h2>
<p>Native Markets 已表示 USDH 的推出将分阶段进行。</p>
<p>初始的铸造和赎回试验将随后推出 USDH/USDC 订单簿。</p>
<p>更广泛的访问将仅在成功的稳定性检查和内部审计后进行。</p>
<p>储备将通过混合方式管理，现金和美国国债将由 BlackRock 在链外监督，代币化资产将通过 Superstate 和 Stripe 的基础设施在链上管理。</p>
<p>团队承诺将储备收益在 Hyperliquid 的援助基金和更广泛的生态系统增长之间进行分配，这一举措旨在向社区保证稳定币的收益将直接流入其发展。</p>
<p>值得注意的是，该项目得到了 Uniswap Labs、Paradigm 和 Polychain 的资深人士的支持，增强了对该项目的信心。</p>
<p>Hyperliquid 选择 Native Markets 作为 USDH 稳定币，测试阶段开始的帖子最早出现在 Invezz 上。</p>

CRCL

<p>Hyperliquid 已选择 Native Markets 发行其 USDH 稳定币，结束了与 Paxos 和 Ethena 的竞争治理竞赛。该项目进入受控测试阶段，每位用户的交易限额为 800 美元，重点关注透明度和生态系统自给自足。批评者对投票过程的透明性表示担忧。推出将是渐进式的，初期将进行铸币试验，随后推出 USDH/USDC 订单簿。储备将通过混合方式进行管理，该项目获得了行业资深人士的支持，增强了对其成功的信心</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/hyperliquid.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/08/hyperliquid.png"/></p>
<p>Hyperliquid has confirmed that Native Markets will issue its long-awaited stablecoin USDH, bringing an end to weeks of speculation and community debate.</p>
<div class="lb-trans"><p>Hyperliquid 已确认 Native Markets 将发行其期待已久的稳定币 USDH，结束了数周的猜测和社区辩论。</p>
</div><p>The decision followed a contentious governance race that drew interest from major players, including Paxos and Ethena, and has now entered a controlled testing phase with limits placed on early transactions.</p>
<div class="lb-trans"><p>这一决定是在一场引发争议的治理竞选之后做出的，该竞选吸引了包括 Paxos 和 Ethena 在内的主要参与者的关注，并已进入受控测试阶段，早期交易受到限制。</p>
</div><h2>Native Markets emerges as favourite for the USDH stablecoin project</h2>
<div class="lb-trans"><h2>Native Markets 成为 USDH 稳定币项目的热门候选者</h2>
</div><p>The race for USDH was closely watched across the industry, and Native Markets secured victory after weeks of campaigning, validator commitments, and heavy betting on prediction platforms suggested their win was inevitable.</p>
<div class="lb-trans"><p>USDH 的竞选在行业内备受关注，Native Markets 在经过数周的宣传、验证者承诺和对预测平台的重注后，最终赢得了胜利。</p>
</div><p>Paxos, once considered a strong contender, failed to gain momentum despite offering a revised proposal that included deep PayPal and Venmo integrations, a $20 million incentive plan, and capped revenue sharing.</p>
<div class="lb-trans"><p>曾被视为强有力竞争者的 Paxos，尽管提出了包括深度整合 PayPal 和 Venmo 的修订提案、2000 万美元的激励计划和收入分享上限，但未能获得动力。</p>
</div><p>Ethena withdrew from the contest days before the final decision, citing concerns about its non-native infrastructure.</p>
<div class="lb-trans"><p>Ethena 在最终决定前几天退出了竞赛，理由是对其非原生基础设施的担忧。</p>
</div><p>The outcome has been described by observers as a pivotal moment for Hyperliquid, which has been steadily expanding its presence in the digital asset markets.</p>
<div class="lb-trans"><p>观察人士将这一结果描述为 Hyperliquid 的一个关键时刻，Hyperliquid 一直在稳步扩大其在数字资产市场的影响力。</p>
</div><p>Notably, the decision to partner with a native player rather than an established external issuer is seen as a statement about ecosystem self-reliance and tighter integration.</p>
<div class="lb-trans"><p>值得注意的是，选择与原生参与者而非成熟外部发行者合作，被视为对生态系统自给自足和更紧密整合的声明。</p>
</div><h2>USDH testing phase starts with strict limits</h2>
<div class="lb-trans"><h2>USDH 测试阶段开始，限制严格</h2>
</div><p>Following the announcement of Native Markets’ choice, controlled testing of USDH will begin within days with transaction limits of $800 per user.</p>
<div class="lb-trans"><p>在 Native Markets 选择的公告后，USDH 的受控测试将在几天内开始，每个用户的交易限额为 800 美元。</p>
</div><p>Notably, only whitelisted participants can mint or redeem tokens, a measure designed to reduce risk while the system is evaluated.</p>
<div class="lb-trans"><p>值得注意的是，只有白名单参与者可以铸造或赎回代币，这一措施旨在降低系统评估期间的风险。</p>
</div><p>In parallel, the deployment of an ERC-20 version of USDH is being prepared for Ethereum, allowing for easier integration across wallets, bridges, and trading platforms.</p>
<div class="lb-trans"><p>与此同时，USDH 的 ERC-20 版本正在为以太坊准备，以便在钱包、桥接和交易平台之间实现更容易的整合。</p>
</div><p>Notably, this step is critical for USDH’s adoption, as cross-chain compatibility remains one of the main demands for stablecoins competing in a crowded market.</p>
<div class="lb-trans"><p>值得注意的是，这一步对 USDH 的采用至关重要，因为跨链兼容性仍然是竞争激烈的市场中稳定币的主要需求之一。</p>
</div><p>The first trading pair, USDH/USDC, is expected to open soon, and market makers anticipate that peg stability, spreads, and arbitrage opportunities across exchanges will serve as early indicators of the stablecoin’s health and credibility.</p>
<div class="lb-trans"><p>首个交易对 USDH/USDC 预计将很快开放，市场做市商预计，挂钩稳定性、价差和跨交易所的套利机会将作为稳定币健康和可信度的早期指标。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://pbs.twimg.com/profile_images/1849859818292641795/EoP6Wysu_normal.jpg" alt="" original-src="https://pbs.twimg.com/profile_images/1849859818292641795/EoP6Wysu_normal.jpg"/></p>
<p>Replying to @fiege_max</p>
<div class="lb-trans"><p>回复 @fiege_max</p>
</div><p>We will be deploying both the USDH HIP-1 and corresponding ERC-20 within days.We will then start with a testing phase for mints and redeems of up to $800/tx with an initial group, to be followed by the opening of the USDH/USDC spot order book as well as uncapped mints &amp;</p>
<div class="lb-trans"><p>我们将在几天内部署 USDH HIP-1 和相应的 ERC-20。然后我们将开始进行高达 800 美元/交易的铸造和赎回测试阶段，随后将开放 USDH/USDC 现货订单簿以及无限制的铸造。</p>
</div><p>9:52 PM · Sep 14, 2025</p>
<div class="lb-trans"><p>晚上 9:52 ·2025 年 9 月 14 日</p>
</div><p>Read 23 replies</p>
<div class="lb-trans"><p>阅读 23 条回复</p>
</div><h2>Concerns over transparency</h2>
<div class="lb-trans"><h2>对透明度的担忧</h2>
</div><p>While the selection of Native Markets has been welcomed by many in the Hyperliquid community, critics have questioned the transparency of the voting process.</p>
<div class="lb-trans"><p>虽然 Native Markets 的选择得到了 Hyperliquid 社区许多人的欢迎，但批评者质疑投票过程的透明度。</p>
</div><p>Dragonfly’s Haseeb Qureshi described the procedure as “not rigorous,” hinting at possible behind-the-scenes influences.</p>
<div class="lb-trans"><p>Dragonfly 的 Haseeb Qureshi 将这一程序描述为 “缺乏严谨性”，暗示可能存在幕后影响。</p>
</div><p>Others, including Mert Mumtaz of Helius, have stressed the need for clearer governance and have warned that without transparency, stablecoins risk appearing interchangeable with little to distinguish them.</p>
<div class="lb-trans"><p>包括 Helius 的 Mert Mumtaz 在内的其他人强调了对更清晰治理的需求，并警告称，如果没有透明度，稳定币可能会显得可互换，几乎没有区别。</p>
</div><p>The governance debate now shifts to the upcoming Hyperliquid Improvement Proposal, which will outline the rules for upgrades, permissions, and security procedures.</p>
<div class="lb-trans"><p>治理辩论现在转向即将到来的 Hyperliquid 改进提案，该提案将概述升级、权限和安全程序的规则。</p>
</div><p>Questions remain over who will hold mint and burn permissions, the structure of emergency controls, and how reserve data will be disclosed to the public.</p>
<div class="lb-trans"><p>关于谁将持有铸造和销毁权限、紧急控制的结构以及如何向公众披露储备数据等问题仍然悬而未决。</p>
</div><h2>A cautious rollout</h2>
<div class="lb-trans"><h2>谨慎的推出</h2>
</div><p>Native Markets has signalled that the rollout of USDH will proceed in stages.</p>
<div class="lb-trans"><p>Native Markets 已表示 USDH 的推出将分阶段进行。</p>
</div><p>The initial minting and redemption trials will be followed by the launch of a USDH/USDC order book.</p>
<div class="lb-trans"><p>初始的铸造和赎回试验将随后推出 USDH/USDC 订单簿。</p>
</div><p>Broader access will come only after successful stability checks and internal audits.</p>
<div class="lb-trans"><p>更广泛的访问将仅在成功的稳定性检查和内部审计后进行。</p>
</div><p>Reserves are set to be managed through a hybrid approach, with cash and US Treasuries overseen off-chain by BlackRock and tokenised assets managed on-chain via Superstate and Stripe’s infrastructure.</p>
<div class="lb-trans"><p>储备将通过混合方式管理，现金和美国国债将由 BlackRock 在链外监督，代币化资产将通过 Superstate 和 Stripe 的基础设施在链上管理。</p>
</div><p>The team has pledged to split reserve yields between Hyperliquid’s Assistance Fund and wider ecosystem growth, a move designed to reassure the community that the stablecoin’s benefits will flow directly into its development.</p>
<div class="lb-trans"><p>团队承诺将储备收益在 Hyperliquid 的援助基金和更广泛的生态系统增长之间进行分配，这一举措旨在向社区保证稳定币的收益将直接流入其发展。</p>
</div><p>Notably, the project has received backing from veterans of Uniswap Labs, Paradigm, and Polychain, strengthening confidence in the project.</p>
<div class="lb-trans"><p>值得注意的是，该项目得到了 Uniswap Labs、Paradigm 和 Polychain 的资深人士的支持，增强了对该项目的信心。</p>
</div><p>The post Hyperliquid chooses Native Markets for USDH stablecoin, testing phase begins appeared first on Invezz</p>
<div class="lb-trans"><p>Hyperliquid 选择 Native Markets 作为 USDH 稳定币，测试阶段开始的帖子最早出现在 Invezz 上。</p>
</div>

Hyperliquid 选择 Native Markets 作为 USDH 稳定币的合作平台，测试阶段已经启动