What is USDH?

USDH is a fiat-backed digital dollar developed for the Hyperliquid platform. It was designed by Native Markets and is issued by Bridge Building Inc. The asset is fully backed by GENIUS-ready assets, including cash, short-term US treasuries, and repo agreements, with custody provided by US-regulated banks and JP Morgan Chase. The reserves backing USDH are reviewed and attested to monthly by BPM, an accounting firm based in San Francisco.

Revenue generated from USDH is allocated primarily to the growth of the asset and the Hyperliquid ecosystem, with 50% of gross revenue directed to the Hyperliquid Assistance Fund for HYPE buybacks. The allocation of funds follows the guidelines of the Aligned Quote Asset protocol, and the contributions are made programmatically onchain.