Hyperliquid launches USDH just as rival ASTER brings the heat – What now?

Key Takeaways

What is USDH, and how does it impact Hyperliquid?

USDH is Hyperliquid’s new stablecoin, backed by cash and Treasuries, launched to boost its trading ecosystem.

Is Hyperliquid losing ground to its rival Aster?

Yes, Aster has overtaken Hyperliquid in weekly volume, and with a $12B HYPE token unlock coming, pressure on HYPE may continue to build.

Hyperliquid [HYPE] just rolled out its very own stablecoin — USDH!

While that’s happening, its rival Aster [ASTER] has dethroned it in weekly trading volume.

Add to that a massive $12 billion HYPE token unlock on the horizon, and you’ve got the perfect setup for some serious market shifts.

USDH goes live with HYPE at its core

Native Markets officially rolled out USDH on the 27th of September, making it available across both spot and derivatives markets.

Traders can pair the stablecoin against Hyperliquid’s governance token, HYPE, as well as USDC.

Source: X

The team locked 200,000 HYPE for three years to cement the launch. Ahead of the listing, $15 million worth of USDH was pre-minted to seed liquidity, backed by cash and U.S. Treasuries.

What’s more, reserve returns will help fund regular HYPE buybacks, a move that could strengthen the token’s economic base over time.

Is HYPE losing to Aster?

Rival exchange Aster, backed by YZi Labs (the family office of Binance founder Changpeng Zhao) recently pulled ahead in weekly trading volume, doubling Hyperliquid’s numbers.

Even so, Hyperliquid still holds the edge on a 30-day basis, with over $303 billion in activity.

That lead, however, may not last long.

Source: DeFiLlama

Starting in November, nearly 238 million HYPE tokens, worth about $12 billion, will be gradually unlocked over two years. With HYPE already down more than 20% in the past week, the market is bracing for turbulence.

Technical picture looks shaky

HYPE’s daily chart showed clear signs of weakness at press time.

Source: TradingView

The token traded around $44.5 after sliding more than 20% over the past week. The RSI showed bearish momentum, but not yet oversold conditions.

Meanwhile, the MACD stayed below zero with a widening bearish crossover; sellers still had the upper hand. Even though HYPE tried to bounce off recent lows, the lack of strong buying pressure kept recovery limited.