Native Markets is poised to win the bid for issuing Hyperliquid’s USDH stablecoin, according to recent predictions and validator backing. Ethena Labs, a previous contender, has withdrawn from the competition. This move comes after strong support from validators, who collectively hold over 78% of the necessary power. The outcome could significantly reshape the DeFi landscape of Hyperliquid. Polymarket odds currently reflect this high confidence at 94%. This potential USDH issuance could trigger significant shifts in liquidity flows within Hyperliquid, potentially impacting trading volumes and market structures. The financial markets are anticipating a major shift, and past stablecoin launches have shown similar impacts on trading dynamics. Experts believe the USDH launch may accelerate liquidity migration, boosting market competitiveness and stability within DeFi.