Hyper Foundation Sets $10M Grant Program For USDH Migration

Hyper Foundation is providing about $10 million in grants to builders affected by the USDH sunset, creating a support program for teams moving markets, bridges and deployments away from the stablecoin.

The grants are designed to offset migration costs and recognize the work needed for an orderly transition. Hyper Foundation has contacted eligible teams directly and is working with recipients across several parts of the Hyperliquid ecosystem.

Eligible recipients include affected HIP-1 spot deployers, HIP-3 perpetual deployers, HyperEVM protocols, dedicated USDH:USDC bridges and Native Markets. The program separates recipients into migration grants and wind-down grants depending on whether a team is moving affected markets to USDC or ending USDH-dependent operations.

Migration grants apply to teams that integrated USDH and are moving their affected markets or deployments to USDC. Wind-down grants apply to teams that integrated USDH but are closing USDH-dependent operations instead of migrating to a new asset. Wind-down grants are sized below what an equivalent migration would receive.

Grants Target Spot, Perp And HyperEVM Builders

The grant program uses different sizing methods across the affected ecosystem. HIP-1 and HIP-3 grants are based on auction deployment costs, while HyperEVM grants are based on USDH total value locked affected by the sunset.

The structure shows how broadly USDH had spread across Hyperliquid before the transition began. HIP-1 spot markets, HIP-3 perp deployments, HyperEVM protocols and dedicated bridges all face different migration costs because each integration touched USDH in a different way.

The deadline is also clear. Grant recipients commit to orderly migration or wind-down before the end of July, giving users and builders a defined window to move away from USDH-dependent markets.

The program follows Hyperliquid’s broader shift toward USDC after Coinbase became the official USDC treasury deployer under the Aligned Quote Asset framework. Coinbase’s USDC treasury wallet later became a key part of the AQAv2 rollout, while Native Markets’ USDH markets moved toward a gradual sunset.

USDH Holders Get Swap Routes During Transition

USDH holders in protocols that are migrating or winding down should use instructions issued by those protocols directly. That matters because each affected market can have different timing, liquidity conditions and user steps depending on whether the team is migrating to USDC or closing USDH-dependent operations.

Users can swap USDH for USDC on HyperCore through the USDH/USDC spot order book. USDH holders on HyperEVM can also swap into USDC 1:1 with no fees through Across, using the HyperEVM-to-HyperCore route set up for the transition.

The migration has so far remained organized because builders, users and Native Markets have continued coordinating around the sunset. Native Markets had launched USDH as a protocol-aligned stablecoin for Hyperliquid, but the ecosystem’s stablecoin structure shifted after USDC became the main quote and treasury asset.

USDC’s role has also grown through larger stablecoin flows across Hyperliquid infrastructure, including Circle’s record 4.4 billion USDC transfer to a Coinbase-linked Hyperliquid wallet. The USDH grant program now gives affected builders a funded path to complete migration or wind-down before the end-of-July deadline.

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