Native Markets to wind down Hyperliquid-based stablecoin USDH

Native Markets announced via X that it has begun the process of winding down its Hyperliquid (HYPE) blockchain-based stablecoin, USDH. According to the project, it will unstake HYPE tokens on May 27 to maintain its trading settlement currency status (AQA/PQA), after which the creation of new markets and AQA benefits will be suspended. Existing USDH-denominated HIP-3 markets will continue to operate following the unstaking, with liquidations left to the discretion of each HIP-3 deployer. Meanwhile, HIP-1 spot markets will be terminated, and all open orders will be canceled. Native Markets added that USDH holders can still swap their tokens for USDC through the HyperCore order book after the unstaking is complete.