Bastion is positioning itself as the regulated issuer for USDH, a new stablecoin designed for institutional use, emphasizing compliance with GENIUS standards and a strong regulatory framework. The company aims to facilitate ecosystem growth by providing a neutral platform for stablecoin issuance, leveraging its partnerships and regulatory approvals to ensure liquidity and accessibility for users.

Hyperliquid has launched its native stablecoin USDH, with an initial trading volume of approximately $2.2 million in a USDH/USDC pair. The stablecoin, fully backed by cash and U.S. Treasuries, was issued after Native Markets won a validator vote, marking a strategic move as competition in the stablecoin space intensifies.