• 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
• Shipped USDH.com — the best wallet view, on/off ramp, and fiat-to-onchain experience for Hyperliquid users, offering:
  • Free on/off ramp, with & without KYC, from fiat (banks & brokerages) or stablecoins (USDC) into USDH on HyperCore
  • Bridge stack mints fiat → HyperEVM, Native Markets Core Router bridges to HyperCore in one atomic action
  • Cross-chain from all major chains into HyperEVM & HyperCore
  • Aggregated wallet view spanning both layers
• Organic public user support & love since USDH.com launch
  • Some Twitter/X examples – 123456789101112131415161718
• Our customers say USDH.com outperforms IBKR's stablecoin deposit feature on cost and speed (Twitter/X)
• $337M in total mint/redeem volume to date across 328 KYC accounts (~100 institutions, ~200 pro-tail, whale users); 20 market-making firms with $297M total mint/redeem volume
• Built tokenized portfolio margin USDH (pmUSDH) allowing users to earn yield on USDH and simultaneously use as collateral across DeFi
• Support for x402 payments protocol on Hyperliquid — positions the stack for onchain agentic payments

• $104M USDH supply — fastest growing organic supply stablecoin since the GENIUS Act in July 2025
• 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
• USDH is multi-asset (not just crypto) with HIP-3 / HIP-4 markets
• 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
• 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

• Ships quickly, launched USDH 3.5 months after company formation
• 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

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
  • Global business unit leader at BlackRock — started and ran three global businesses, including digital wealth management, sustainable investing, and digital assets
• Engineers
  • Anish Agnihotri (Paradigm Polychain, Ritual)
  • James Wenzel (OpenSea, Bridge)
  • Tommy Guo (Y-Combinator backed founder, Stripe)
  • Sambhav Sunkerneni (ScaleAI, Stripe)
• Hyperliquid specific GTM
  • Max Fiege
  • Nick Green

• 2 fundraising rounds:
  • Pre-seed: $4M raised from MC and angel investor, $300k outstanding
  • Seed: $70M raised from a16z, Paradigm, and Thrive. $10M outstanding (over-subscribed)
  • Both rounds extended through end of July 2026
• $64M of cash and cash equivalents, including $8.5M staked HYPE