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According to ChainCatcher, citing The Block, the USDH stablecoin issued by Native Markets has been launched on the Hyperliquid platform, and the USDH/USDC trading pair is now open for trading. Initial trading volume indicates a cautious yet active market start, with transaction volume reaching approximately $2.2 million as the market kicks off. USDH is the first US dollar-pegged token issued through a validator node selection process on Hyperliquid. It is a stablecoin natively issued on HyperEVM and can circulate cross-chain throughout the entire Hyperliquid ecosystem. Earlier this month, Native Markets won the bid, defeating proposals from several companies including Paxos, Frax, and Agora. The plan requires a phased rollout, with the first USDH/USDC spot market going live “within days” after the vote passed. The issuer stated that its reserves are fully backed by cash and short-term US Treasury bonds, with the initial portfolio managed both off-chain and partially on-chain, and transparency ensured through data provided by oracles. The proposal materials also outlined an economic cycle mechanism, using part of the reserve earnings for HYPE token buybacks.

ChainCatcher news, according to analysis by XWIN Research, Bitcoin's implied volatility has dropped to its lowest level since 2023. In 2023, this low point previously appeared before Bitcoin surged 325% from $29,000 to $124,000. Now, whether this "calm before the storm" scenario is repeating has attracted attention. On-chain data from CryptoQuant supports this: First, exchange reserves are declining, with total balances approaching multi-year lows, indicating that the amount of Bitcoin available for immediate sale is decreasing. Historically, this often signals a supply squeeze when demand rises. Second, the MVRV ratio is in a neutral range, meaning investors are neither heavily underwater nor enjoying excessive profits. The market is not under pressure from panic selling or profit-taking, and a strong "wait-and-see" sentiment prevails. Third, funding rates are balanced, with neither excessive long nor short positions, which corresponds to the subdued volatility and shows that the market is accumulating energy. These three signals together paint a consistent picture: the supply of Bitcoin on exchanges is decreasing, investors are holding their coins, and the derivatives market remains calm. Although implied volatility indicates that the current period is one of the calmest in years, historical experience shows that such periods rarely last long.