“This is the first step toward on-chain voting,” said Hyperliquid, a decentralized exchange and Layer-1 blockchain. According to them, the validator vote concerns only the ticker and does not give USDH “any special privileges.”

As Presto analyst Jaehyun Ha explained, “this approach highlights that the project is consciously opposing centralized control and is betting on transparency and community participation.”

He also noted that the economic model of USDH is designed to reduce dependence on USDC and redistribute income within the network. In his words, “with 15% liquidity share, USDH could generate up to $220 million per year for HYPE holders and transform from a stablecoin into a powerful economic lever for the ecosystem.”