Hyperliquid USDH Stablecoin, 80% Fee Cut Planned

September 5, 2025 — In its official Discord, Hyperliquid announced two upcoming changes for the next network upgrade: an 80% spot fee reduction and a validator vote to launch the Hyperliquid USDH stablecoin.

Fee Changes Coming with Next Upgrade

Hyperliquid will cut spot taker fees by 80% and adjust maker rebates and user-volume contribution weights on pairs between two spot quote assets to improve liquidity and reduce friction. These changes will take effect after the next network upgrade.

Validator-Led Launch for USDH

The protocol confirmed that validators must first approve a team before introducing the Hyperliquid USDH stablecoin. Hyperliquid has reserved the USDH ticker, but validators will govern its release through a transparent vote.

Validators will conduct the vote fully on-chain using Hyperliquid L1 transactions, the same process they use for delisting votes. They will review proposals submitted in the dedicated USDH forum, which must include the deployer address.

Because the community expects USDH to become a canonical ticker with high demand, validators must select the team best positioned to deliver a natively minted, Hyperliquid-aligned, and compliant stablecoin. Even after approval, the winning team must still participate in the regular spot deploy gas auction to finalize ticker deployment.

Path to Permissionless Spot Assets

Hyperliquid also signaled a move toward permissionless spot quote assets beginning on testnet. The foundation will introduce staking requirements and enforce slashing criteria to secure governance and deployment.