Hyperliquid's USDH Stablecoin Challenges USDC's $6B Dominance

Native Markets won the bid for Hyperliquid's USDH stablecoin ticker, beating competitors like Paxos and Ethena, in a significant on-chain governance vote. The launch of USDH challenges USDC's dominance, although USDC remains heavily backed with nearly $6 billion in reserves. The move has caused some market ripple effects, including a decline in Circle's stock and HYPE token prices.