Native Markets plans to test its USDH stablecoin in the coming days following a community vote that selected it over rival offerings.
Testing Launch for USDH
Founder Max Fiege announced that Native Markets will be deploying both USDH HIP-1 and the corresponding ERC-20 shortly. "We will begin with a testing phase for mints and redeems of up to $800/transaction with an initial group," he added.
Controversies Surrounding Native Markets' Selection
During the voting process, some members of the crypto community claimed that the process favored Native Markets. Critics argued that validators were predisposed towards Native Markets and that other bidders did not have enough time to submit their proposals.
Competition in the Stablecoin Market
Despite the controversies over the selection process, USDH is preparing to enter a competitive market. Founder Feige has emphasized the team's intent to earn community trust and successfully compete, especially following the enactment of the GENIUS Act, which tightens regulations for stablecoin issuers in the U.S.
Amidst increasing competition in the stablecoin market, the launch of USDH will be a significant step for Native Markets as they aim to establish themselves within the crypto community.
