USDH, issued by Bridge and tokenized by Native Markets, is a U.S. dollar (USD) pegged stablecoin that represents a contractual right to redeem each token for one U.S. dollar through the holder's account with Bridge. [S1]

Each USDH targets a value of one U.S. dollar (USD), and Bridge has agreed to maintain reserves for each outstanding token equal to one U.S. dollar, or an equivalent amount of assets permitted by law. [S1] No yield or interest accrues to tokenholders. [S1][S2] Native Markets currently charges no fees but reserves the right to do so in future; holders bear third-party blockchain gas, Bridge, and banking fees, and redemption is for one U.S. dollar less applicable fees. [S1]

Native Markets is a company based in the United States, and the token issuer Bridge is a separate entity. [S1][S3] The governing terms are governed by New York State law with venue in New York courts. [S1] The holder's claim is a contractual right against Bridge to redeem USDH for an equivalent amount of U.S. dollars, neither a bank deposit nor FDIC insured. [S1] Holders must be at least 18 years old; sanctioned persons and residents of Iran, North Korea, Cuba, Crimea, Donetsk, and Luhansk are excluded, and Bridge collects identity information during onboarding. [S1] Native Markets operates non-custodially, holding no possession or control of holder assets. [S1]

USDH is issued natively onchain on Hyperliquid and may be bridged to other protocols, though bridged versions cannot be redeemed from Bridge. [S1] Minting and redemption are handled by Bridge through the holder's Bridge account, settling onchain between the holder's wallet and Bridge's wallet, and Bridge may suspend transactions during protocol forks. [S1]

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  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://nativemarkets.com/policies/terms" },
    { id: "S2", url: "https://nativemarkets.com/" },
    { id: "S3", url: "https://nativemarkets.com/policies/privacy" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Stablecoins

Native Markets issues USDH through Bridge (a Stripe company) with 1:1 backing by US Treasuries, cash, and cash equivalents managed by BlackRock (offchain) and Superstate (onchain), custodied through JP Morgan Chase and Fireblocks. The platform offers KYC in minutes with direct Hyperliquid onramp at no cost, permissionless DeFi swapping, monthly third-party reserve attestations, and GENIUS Act compliance alignment. Additionally, 50% of USDH gross revenue flows to the Hyperliquid Assistance Fund supporting protocol buybacks.

Native Markets is an American DeFi company offering USDH, a fully-backed stablecoin designed to make cryptocurrencies accessible for everyday financial transactions worldwide with institutional-grade infrastructure and compliance.

Native Markets serves users seeking accessible stablecoins for everyday financial transactions globally, traders on Hyperliquid wanting fee benefits (20% lower taker fees, 50% maker rebate increases), and DeFi participants needing a compliant, fully-backed USD stablecoin with transparent reserves.

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Stablecoin issuers

Native Markets

Native Markets USDH (USDH) is a U.S. dollar stablecoin issued by Native Markets.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Retail investors and institutions can mint and redeem directly with Native Markets after completing KYC, and holders have a contractual right to redeem at par.

USDH has been issued on public blockchains since September 2025 and is native to HyperEVM and HyperCore.

Native Markets USDHUSDH