OpenEden Proposes USDH Stablecoin Backed by BNY Mellon & TBILL

OpenEden Group has proposed USDH, a new institutional-grade stablecoin for the Hyperliquid ecosystem. The coin would be anchored in strict regulatory compliance, credit-rated reserves, and partnerships with leading banks. Jeremy Ng, founder and CEO of OpenEden, shared the proposal, calling USDH a product built for crypto-native users and traditional finance institutions. He highlighted OpenEden’s record in launching regulated tokenized assets. Along with its vision to expand secure, compliant on-chain finance.

Building on a Proven Framework

Since 2022, OpenEden has positioned itself as a leader in real-world asset tokenization. The group operates with a compliance-first approach. It has developed regulated products like USDO, a Bermuda-licensed stablecoin. With TBILL, a tokenized money market fund. TBILL is one of only three funds with dual credit ratings. This holds an A rating from Moody’s and an AA+f/S1+ from S&P. Managed and held in custody by BNY Mellon. 

TBILL already underpins OpenEden’s stablecoin USDO. With USDH, the same structure will be extended to Hyperliquid. BNY Mellon, America’s oldest bank and the world’s largest custodian, oversees TBILL’s reserves. Its role ensures institutional-grade investment management, security, and credibility for USDH.

Regulatory Safeguards for Stability

OpenEden Digital, the group’s token issuance arm, operates under a Bermuda Monetary Authority license. The BMA conducted a thorough review of OpenEden’s compliance, risk management, and technical processes before approving. USDH will be issued through a bankruptcy remote Bermuda-registered segregated accounts company. This structure ensures the assets backing USDH remain fully separated from the issuer’s liabilities. It provides legal protection to holders even if the issuing entity faces insolvency. 

By combining regulatory oversight, segregated reserves, and Tier-1 custodianship, OpenEden aims to provide unmatched stability for USDH users. OpenEden plans to offer direct fiat on and off-ramp services for USDH. Users will be able to mint and redeem through U.S. banking partners. Alternatively, via USDC, ensuring frictionless capital movement.  The reserves will be managed by BNY Mellon, offering both security and liquidity. This setup provides Hyperliquid with a stablecoin that is backed by transparent, high-quality assets and trusted financial partners.

Strategic Partnerships and Value 

USDH’s design directly benefits Hyperliquid’s ecosystem. Fees from minting and redemption will go toward HYPE token buybacks and validator rewards. The yield from the underlying TBILL reserves is currently near 4%. The foundation will also direct it entirely into the ecosystem. OpenEden has further pledged 3% of its total $EDEN token supply to incentivize USDH adoption within Hyperliquid. This alignment ensures that the stablecoin strengthens liquidity, adoption, and community incentives.

USDH will launch with support from a strong partner network. Chainlink will provide price feeds, proof-of-reserve monitoring, and cross-chain infrastructure. AEON Pay will extend stablecoin payments to millions of merchants across Asia, Mexico, and Nigeria. Monarq Asset Management, backed by FalconX, will serve as a dedicated liquidity provider. It adds resilience to USDH trading. These partners ensure the stablecoin is scalable, secure, and globally interoperable.

A Bridge Between TradFi and Web3

With regulated custody, independent credit ratings, and institutional banking rails, OpenEden aims to make USDH more than just another stablecoin. It positions the asset as a credible settlement currency for decentralized finance and traditional corporate use. For Hyperliquid, the launch represents a chance to attract institutional participants. Also, it strengthens its role in the broader market. As Jeremy Ng emphasized, the vision is clear: a compliant, yield-bearing stablecoin that directly powers Hyperliquid’s growth.

The USDH proposal brings a new layer of credibility and scale to stablecoins in crypto. Backed by BNY Mellon and anchored in regulated reserves. It offers protection for holders and value for Hyperliquid’s community. If adopted, USDH could become a model for how on-chain stablecoins. That integrates with traditional finance while driving innovation in Web3.