Over the past week, the community engaged with teams’ proposals for the USDH ticker for a Hyperliquid-first, Hyperliquid-aligned, compliant, and natively minted USD stablecoin. While USDH is no more than a reserved ticker at the protocol level, it has come to represent a community rallying around a common cause and a successful experiment in decentralized governance. Thoughtful dialogue, proposal iteration based on user feedback, and community stewardship are values that will continue to drive Hyperliquid forward.