Native Markets is launching a new USDH stablecoin on Hyperliquid, backed by cash and US treasury equivalents with reserves managed by BlackRock and Superstate through Bridge. While Native Markets claims to be "issuer-agnostic," the post highlights that regulatory requirements for stablecoins necessitate a licensed issuer, implying that moving USDH to a new issuer would require a complete re-launch. This suggests potential vendor lock-in despite the "issuer-agnostic" claim, which could be a risk factor for long-term holders.