Native Markets
Native Markets is a DeFi company founded in 2023 that built USDH, a native stablecoin on the Hyperliquid blockchain, providing zero-fee deposit and withdrawal channels for institutional and individual users accessing on-chain digital asset markets, though it transferred USDH brand assets to Coinbase in May 2026.
- Company typePrivate
- Founded2023
- Headquarters—
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
What Native Markets does
Native Markets is a DeFi company founded in 2023 that built financial infrastructure on the Hyperliquid Layer 1 blockchain, connecting institutional and individual users to on-chain digital asset markets. Its core offering was the USDH stablecoin, distributed through the USDH.com platform, which provided zero-fee, zero-slippage deposit and withdrawal channels targeting US bank and brokerage accounts. The platform aimed to deliver a composable financial stack combining payments, risk management, and yield generation, with stated benefits including 24/7 instant market access and reduced friction costs relative to legacy financial rails.
Under the hood, Native Markets leveraged Hyperliquid's high-performance decentralized perpetuals trading infrastructure, which at peak captured over 30% of all blockchain fees and processed over $1 trillion in cumulative trading volume. The company developed the USDH stablecoin as a native asset for the Hyperliquid ecosystem and partnered with Hyperion DeFi and Felix Markets to promote adoption. The founding team comprises alumni from BlackRock, Uniswap, Stripe, Circle, and Scale AI, with Mary-Catherine Lader as CEO and co-founder alongside Maximilian Fiege.
The business model centered on capturing reserve yield from USDH stablecoin operations — revenue previously captured by external issuers — supplemented by strategic token partnership arrangements. In May 2026, Native Markets executed a major strategic pivot: it transferred the USDH brand assets to Coinbase as part of an orderly transition from USDH to USDC on the Hyperliquid platform, effectively ceding its primary revenue stream. The Hyper Foundation provided grants to cover migration costs. As a 1-10 person privately held company with no disclosed venture funding, Native Markets' post-divestiture operating model, product roadmap, and revenue mechanics remain largely undefined in publicly available sources.
Native Markets firmographics
Firmographics- Name
- Native Markets
- Legal name
- Native Markets
- Website
- https://nativemarkets.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Native Markets is a DeFi company founded in 2023 that built USDH, a native stablecoin on the Hyperliquid blockchain, providing zero-fee deposit and withdrawal channels for institutional and individual users accessing on-chain digital asset markets, though it transferred USDH brand assets to Coinbase in May 2026.
- Ownership category
- akta.pro rank
Native Markets industry classification
Industry- Product category
- Decentralized Finance / Stablecoin Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Stablecoin Protocols (Decentralized) (FSADAMAD)
- akta.pro secondary industries
- Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling) (FSAPAEAF)
Keywords
Native Markets business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Stablecoin Operations and Yield: Native Markets generated revenue through its USDH stablecoin operations, capturing reserve yield previously captured by external issuers. Following the Coinbase partnership, USDH brand assets were transferred to Coinbase as part of an orderly transition to USDC.
- Strategic Token Partnerships: Native Markets partnered with Hyperion DeFi to promote USDH stablecoin, with tokens strategically deployed across the Hyperliquid ecosystem to generate yield.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
Native Markets product offering
Product offeringCore offering
Native Markets operates a DeFi financial infrastructure platform centered on the USDH stablecoin and the USDH.com platform, providing zero-fee, zero-slippage deposit and withdrawal channels for the Hyperliquid Layer 1 blockchain. It enables institutions and individuals to access 24/7 instant digital asset payments, risk management, and yield generation on a composable on-chain stack. Following its 2026 partnership transition, USDH brand assets were transferred to Coinbase in favor of USDC, with Native Markets continuing as an on/off-ramp infrastructure provider.
Product overview
Native Markets operates as a financial technology company offering a unified product portfolio centered on its USDH stablecoin and the USDH.com platform. The company provides zero-fee, zero-slippage deposit and withdrawal channels for the Hyperliquid ecosystem, enabling institutions and individuals to access on-chain financial markets. Following a strategic partnership with Coinbase, Native Markets transferred its USDH brand assets while maintaining its focus on connecting users to Hyperliquid's high-performance digital asset platform.
Differentiator
Problem solved
Functional benefit
Brands
- USDH: Native stablecoin launched by Native Markets through USDH.com platform, later transitioned to USDC in partnership with Coinbase.
Products and services
- USDH Stablecoin Native Markets' proprietary stablecoin designed for the Hyperliquid ecosystem, used to enable zero-fee, zero-slippage deposits and withdrawals between U.S. bank/brokerage accounts and on-chain markets. USDH brand assets were transferred to Coinbase in May 2026 as part of a strategic partnership transition to USDC.
- USDH.com Platform The platform through which Native Markets offers its USDH stablecoin services and zero-fee, zero-slippage deposit and withdrawal channels for the Hyperliquid blockchain, targeting U.S. bank and brokerage account holders seeking fast, low-cost on-chain market access.
Quantifiable outcome
- USDC supply on Hyperliquid reached approximately $5 billion, doubling year-over-year, indicating platform adoption growth
Companies that use Native Markets
Customer profileSegments1 record
Ideal customer profiles1 record
Native Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Native Markets partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Hyperion DeFicoreNative Markets partnered with Hyperion DeFi to promote USDH stablecoin within the Hyperliquid ecosystem. The partnership ended on June 3, 2026, releasing 300,000 HYPE tokens back to Hyperion DeFi. The partnership was part of Native Markets' efforts to expand USDH adoption across institutional and retail users on Hyperliquid.
- CoinbasecoreAs part of the Coinbase-Hyperliquid partnership announced May 15, 2026, Native Markets transferred USDH brand assets to Coinbase as part of an orderly transition from USDH to USDC on the Hyperliquid platform. The Hyper Foundation provided grants to cover migration costs for affected builders.
- Hyperion DeFicoreStrategic partnership announced December 4, 2025, where Hyperion DeFi partnered with Native Markets to promote USDH stablecoin, marking a key milestone in Native Markets' ecosystem expansion.
- Felix MarketsminorNative Markets collaborated with Felix Markets for HIP-3 exchange functionality within the Hyperliquid ecosystem. Felix Markets will close by June 22, 2026, freeing an additional 500,000 HYPE tokens previously held in the partnership.
- Hyper FoundationcoreThe Hyper Foundation, as part of the Coinbase partnership transition, provided grants to cover migration costs for builders affected by the shift from USDH to USDC stablecoin on the Hyperliquid platform.
Scale indicators2 records
Recent moves7 records
Expansion highlights4 records
Native Markets competitors and assessment
Company assessmentDirect peers
- Ethena: Ethena issues USDe, a synthetic-dollar stablecoin built on delta-neutral hedging strategies. It is a direct peer to USDH as a crypto-native stablecoin targeting on-chain yield and DeFi composability.
- Paxos: Paxos is a regulated stablecoin issuer (USDP, PayPal's PYUSD) and blockchain infrastructure provider. It is a direct peer in the regulated stablecoin issuance and on-chain money space Native Markets operated in.
- Tether: Tether issues USDT, the largest stablecoin by market cap. As the incumbent fiat-backed stablecoin competing for Hyperliquid ecosystem liquidity, it represents the dominant competitive threat Native Markets faced with USDH.
- Circle: Circle issues USDC, the dominant stablecoin that displaced USDH on Hyperliquid via the Coinbase partnership. It is the most direct competitor as both a USD stablecoin issuer and on/off-ramp infrastructure provider serving Hyperliquid users.
- Sky (formerly MakerDAO): Sky/MakerDAO issues DAI, the leading decentralized overcollateralized stablecoin. It is a direct peer to Native Markets' USDH as a non-custodial stablecoin protocol targeting DeFi users.
- Frax Finance: Frax is a decentralized stablecoin protocol (frxUSD, FRAX) with algorithmic and collateralized variants. It is a direct peer to USDH as a DeFi-native stablecoin competing for liquidity and yield generation.
Broad incumbents
- PayPal (PYUSD): PayPal launched PYUSD, a regulated USD stablecoin issued by Paxos, and operates broad payments and consumer finance rails. It is a broad incumbent competitor in fiat-backed stablecoins targeting mainstream consumer/merchant on-chain payments use cases.
- Stripe (Bridge acquisition): Stripe acquired Bridge to build stablecoin-based payments and on/off-ramp infrastructure. As a broad incumbent in payments with crypto ambitions, it is comparable to Native Markets' on/off-ramp and payments ambitions, with vastly more capital and distribution.
Emerging players
- Reserve Protocol: Reserve Protocol enables decentralized, asset-backed stablecoin issuance through its RSR token and RToken framework. It is an emerging peer in the on-chain stablecoin infrastructure space, with overlapping themes of decentralized dollar stability.
- Agora: Agora is a regulated stablecoin issuer co-founded by VanEck's Jan van Eck, focused on fully reserved USD and AUD stablecoins for cross-border payments. It is an emerging peer in the regulated stablecoin issuance space where Native Markets operated.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Native Markets social profiles
Digital presenceNative Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
Native Markets leadership team
Management profileNumber of profiles
Profiles2 records
Native Markets funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Native Markets M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Native Markets
What does Native Markets do?
Native Markets operates a DeFi financial infrastructure platform centered on the USDH stablecoin and the USDH.com platform, providing zero-fee, zero-slippage deposit and withdrawal channels for the Hyperliquid Layer 1 blockchain. It enables institutions and individuals to access 24/7 instant digital asset payments, risk management, and yield generation on a composable on-chain stack. Following its 2026 partnership transition, USDH brand assets were transferred to Coinbase in favor of USDC, with Native Markets continuing as an on/off-ramp infrastructure provider.
When was Native Markets founded?
Native Markets was founded in 2023. It employs 1 to 10 people.
How does Native Markets make money?
Two revenue lines are on record. Stablecoin Operations and Yield is the primary driver. The others are strategic Token Partnerships.
Who are Native Markets's main competitors?
Direct peers on record are Ethena, Paxos, Tether, Circle, Sky (formerly MakerDAO) and Frax Finance. Broad incumbents are PayPal (PYUSD) and Stripe (Bridge acquisition). Emerging players are Reserve Protocol and Agora.
Does Native Markets have an API?
No public API is recorded for Native Markets.
What industry is Native Markets in?
Native Markets's product category is Decentralized Finance / Stablecoin Infrastructure. Its primary akta.pro industry code is FSADAMAD, Stablecoin Protocols (Decentralized), with a secondary code of FSAPAEAB, Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption). Its NAICS code is 522320 and its SIC code is 6200.