---
title: "USDH Stablecoin (USDH) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdh-native-markets/"
description: "Build-time stablecoin profile for USDH Stablecoin (USDH). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# USDH Stablecoin (USDH)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Native Markets' USDH on HyperEVM is a Bridge-issued (Stripe) dollar with 40% short-term {{term:treasury}}T-bills{{/term}} at JP Morgan plus tokenized treasuries — a bet on Hyperliquid traction beyond the current niche. USDH sits at $94 million on HyperEVM with one of the more credible reserve compositions in the market: 40% short-term T-bills managed by BlackRock at JP Morgan, 20% tokenized {{term:treasury}}treasuries{{/term}} via BUIDL and USTB, and the rest in cash, repos, and {{term:money-market-fund}}treasury funds{{/term}} — all flowing through Bridge Building Inc., Stripe's stablecoin subsidiary. The 12 depeg events with swings as wide as 227 basis points tell the story of a young stablecoin on a single chain still building the arbitrage infrastructure to enforce its peg tightly. A 7.8% APY on Morpho lending at B- safety is a respectable yield-to-risk ratio, though the fallback-class DEX liquidity and concentrated pool structure mean size limits on exits remain real. The validator vote that chose USDH over Paxos and Ethena was a bet on revenue redirection from Circle — whether that bet pays off depends on whether Hyperliquid's ecosystem grows beyond its current niche.

## Collateral

Held reserves per the March 2026 attestation: tokenized asset-backed tokens (Superstate USTB ~65%, USDC ~13%), US government money market funds (~22%), and cash and cash equivalents at US-regulated banks (~1%). Eligible reserves per the stablecoin terms also include short-term US Treasury bills (<=3 months), overnight reverse repurchase agreements collateralized by US Treasuries, deposit accounts, and tokenized versions of these assets. Offchain reserves managed by BlackRock and custodied with JPMorgan Chase; onchain reserves managed by Superstate and custodied via Fireblocks MPC infrastructure. Designed by Native Markets, issued by Bridge Building Inc. (a subsidiary of Stripe, Inc., incorporated in Delaware).

## Peg Mechanism

Direct 1:1 mint/redemption through Bridge Building Inc. (a Stripe subsidiary, FinCEN MSB); fully reserved by cash and cash equivalents, US government money market funds, and asset-backed tokens (Superstate USTB, USDC); monthly independent-accountant (BPM LLP) attestations under the AICPA 2025 Criteria for Stablecoin Reporting (Asset-Backed Fiat Pegged Tokens)

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| United States | FinCEN | Money Services Business (Bridge Building, Inc.) |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| hyperevm | `0x111111a1a0667d36bd57c0a9f569b98057111111` | 6 |
| hyperliquid | `0x54e00a5988577cb0b0c9ab0cb6ef7f4b` | 8 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdh-native-markets.