The shortest path to Hyperliquid

• Designed and wrote aligned quote asset (AQA) code — the first-ever protocol for a stablecoin to contribute reserve yield to a blockchain, executed end-to-end with Hyperliquid validators. In production for 6 months
• $337M in total mint/redeem volume to date across 328 KYC accounts; 20 market-making firms totaling $297M
• Support for x402 payments protocol on Hyperliquid — positions the stack for onchain agentic payments
• Built tokenized portfolio margin USDH (pmUSDH) allowing users to earn yield on USDH and simultaneously use as collateral across DeFi
• Shipped USDH.com — the best wallet view, on/off ramp, and fiat-to-onchain experience for Hyperliquid users, offering:
  • On/off ramp with & without KYC, free from fiat / USDC, bank/brokerage onramp into HyperCore (Bridge stack mints fiat → HyperEVM, Core Router bridges to HyperCore in one atomic action), cross-chain from all major chains into HyperEVM & HyperCore, and an aggregated wallet view spanning both layers
  • Have seen organic public endorsement since launching ~2 weeks ago (some Twitter/X examples – 123456789101112131415161718).
  • Our customers are stating it outperforms IBKR's stablecoin deposit feature on cost and speed (Twitter/X)

• $104M USDH supply, across 12.6k wallets — fastest-growing, highest organic-supply stablecoin since the GENIUS Act in July 2025
• USDH markets are multi-asset trading (not just crypto) with HIP-3 / HIP-4 markets
• 44 active partnerships, spanning market-makers / OTC desks to provide liquidity, HIP-3/HIP-4 deployers, retail and institutional distribution channels (including prime brokers and builder codes), HyperEVM apps, and infrastructure partners
• Hyperliquid is the most high-value, pro-tail user base in onchain trading — 80% of Hyperliquid's TVL (~$5b) is held across 3.1k wallets —> $1.3M average wallet size
• USDH is a championed & trusted brand within the Hyperliquid community, a small but disproportionately influencer user base and outsized social influence on Crypto Twitter/X (some examples — 12345).
  • USDH ticker, nontransferable, won in Sept 2025 competitive auction process against Sky, Ethena, and Paxos
  • USDH trademarks around the world and domains
  • Currently only stablecoin with AQA status on Hyperliquid
• USDH.com is directly servicing the pro-tail users

The Native Markets team is uniquely familiar with the strengths and weaknesses of stablecoins in order to reach its full TAM

• Technically integrated into on/off ramp with banks & brokerages, cross-chain support, and HyperEVM / HyperCore which are poorly documented
• Can evaluate & identify positive ROI distribution channels to efficiently grow USDH — reaching $100M supply in 7 months, with minimal marketing spend
• Ships quickly, launched USDH 3.5 months after company formation

Team Bios

• MC Lader — has started and built businesses in TradFi and DeFi; brings operational leadership and a dedicated team to drive centrally the matrix stablecoin business & product.
  • President & COO of Uniswap Labs — oversaw legal & policy through four government investigations with no lawsuits
  • MD BlackRock — started and ran three global businesses, including digital wealth management, sustainable investing, and digital assets
• 4 Engineers, including Anish Agnihotri (Blockchain researcher at Paradigm, trader at Polychain, first hire at Ritual), James Wenzel (co-author of Seaport, OpenSea's largest open-source protocol, and smart contract engineer at Bridge), and Tommy Guo (Y-combinator backed founder, senior software engineer at Stripe)
• Direct relationships with the Hyperliquid community, including Max Fiege (Hyperliquid whale and angel investor) and Nick Green (in-house Hyperliquid influencer, Twitter/X)