USDH is a fiat-backed digital dollar built natively for Hyperliquid. Designed by Native Markets and issued by Bridge Building Inc, USDH delivers a credible, ecosystem aligned, and native dollar solution. USDH is fully reserved by GENIUS-ready assets such as cash, short-term US treasuries, repo agreements, funds investing in US treasuries and repo agreements (e.g., BlackRock TTTXX), and tokenized versions of the same (e.g., BlackRock BUIDL or Superstate USTB). Cash is held in custody at US-regulated banks, TradFi investment assets are held in custody at JP Morgan Chase, and cryptoassets are held in custody in Bridge’s MPC infrastructure, provisioned by Fireblocks. BPM, a top-40 accounting firm based in San Francisco, reviews and attests to the 1:1 backing of USDH’s reserves each month. Native Markets contributes 50% of gross revenue to the Hyperliquid Assistance Fund so the protocol can buy back HYPE. The rest of USDH revenue is used to grow USDH and the Hyperliquid ecosystem. As specified by the Aligned Quote Asset (“AQA”) protocol primitive, the AF contribution is made programmatically, onchain.