Native Markets has officially won the USDH ticker for Hyperliquid’s native stablecoin after a closely-watched governance vote that concluded on Sunday.

Native Markets’ founder Max Fiege said that both the USDH HIP-1 protocol and the related ERC-20 token will be deployed “within days,” with a limited-cap testing phase set to begin soon.

“We have deep respect for all of the teams that submitted proposals and are excited to see them execute on their visions for Hyperliquid,” said Fiege.

This story is an excerpt from the Unchained Daily newsletter.

The newcomer’s victory comes after allegations of a “backroom deal” with validators that positioned Native Markets as the only real contender in the USDH bidding process.

Native Markets submitted its proposal almost immediately after the official Request for Proposals (RFP) last week, while major stablecoin issuers like Ethena and Paxos scrambled to put together a proposal after the RFP went public.