USDH Stablecoin (USDH) is a fiat-backed US dollar stablecoin. It has about $6.7M in circulation, ranking #149 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDH?
USDH Stablecoin (USDH) is a fiat-backed US dollar stablecoin. It has about $6.7M in circulation, ranking #149 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: USDH is a fiat-backed digital dollar built natively for Hyperliquid. Designed by Native Markets and issued by Bridge Building Inc, it delivers a credible, ecosystem-aligned, and native dollar solution for Hyperliquid.
USDH supply history
USDH supply fell 16.2% over the past 30 days, to $6.7M. Its peak was $106M in May 2026, and supply is 94% below that high.
Is USDH holding its peg?
USDH is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDH lives: supply by blockchain
Supply is concentrated: Hyperliquid L1 holds 100% of all USDH. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDH is backed
Each USDH is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: USDH is fully reserved by cash, short-term U.S. Treasuries, repo agreements, treasury-focused funds (e.g., BlackRock TTTXX), and tokenized treasury products (e.g., BlackRock BUIDL, Superstate USTB).
USDH risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $6.7M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDH vs USDT and USDC
Similar fiat-backed stablecoins
See all →
USDH FAQ
What is USDH?
USDH Stablecoin (USDH) is a fiat-backed US dollar stablecoin. It has about $6.7M in circulation, ranking #149 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDH pegged 1:1 to the US dollar?
USDH targets 1 USD. At the last update it traded at $0.9986, a deviation of -0.14%, which we classify as "on peg".
What backs USDH?
USDH is a fiat-backed stablecoin. Each USDH is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is USDH on?
USDH is live on 1 blockchain. The largest by supply are Hyperliquid L1 ($6.7M).
How much USDH is in circulation?
About $6.7M of USDH was in circulation at the last update, -16.2% over 30 days. That makes it the #149 stablecoin by supply among those we track.
Is USDH safe?
No stablecoin is risk-free. As a fiat-backed design, USDH's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.