Native Markets Wins USDH Ticker, Launch Coming Soon

Hi! In today’s edition:

• 🚀 USDH win: Native Markets set to deploy soon

• 🧾 Derive eyes 50% token supply hike that will dilute holders

• ⚡ Monero hit with record-breaking reorg

• 🇺🇸 Tether enters U.S. with USA₮ and Bo Hines at helm

Today’s newsletter is brought to you by Token2049 and Ledn.

If you enjoy Unchained Daily, show our sponsors some love!

Eric Trump, Donald Trump Jr., Tom Lee headline TOKEN2049 Singapore, October 1-2.

Join 25,000 attendees at the world’s largest crypto event.

How do you access capital when all your wealth is tied up in Bitcoin? LEDN solves this with Bitcoin-backed loans - you get the liquidity you need while keeping your Bitcoin position intact.

No selling, no taxable events, just capital when you need it.

Trusted since 2018 with 1,000+ verified reviews.

Native Markets Wins USDH Ticker, Says Deployment is Days Away

Native Markets has officially won the USDH ticker for Hyperliquid’s native stablecoin after a closely-watched governance vote that concluded on Sunday.

Native Markets’ founder Max Fiege said that both the USDH HIP-1 protocol and the related ERC-20 token will be deployed “within days,” with a limited-cap testing phase set to begin soon.

“We have deep respect for all of the teams that submitted proposals and are excited to see them execute on their visions for Hyperliquid,” said Fiege.

The newcomer’s victory comes after allegations of a “backroom deal” with validators that positioned Native Markets as the only real contender in the USDH bidding process.

Native Markets submitted its proposal almost immediately after the official Request for Proposals (RFP) last week, while major stablecoin issuers like Ethena and Paxos scrambled to put together a proposal after the RFP went public. 

Derive Co-founder Proposes 50% Increase in DRV Token Supply

Decentralized options protocol Derive’s co-founder Nick Forster proposed a somewhat radical way to fund the project's institutional expansion at the expense of holders of its native token.

The proposal calls for minting an additional 500 million DRV tokens, raising the total supply by 50% from its previous cap of one billion tokens. In effect, that translates to a 33% dilution to existing DRV holders.

The new tokens would be allocated to the Derive Foundation – a new name for the Lyra Foundation – to fund project growth, retain contributors, and secure institutional partnerships.

Forster said the “aggressive” proposal would ensure that Derive has the necessary execution capacity required to scale.

The proposal has sparked a divided reaction within the community. Supporters argued that the dilution was justified to fuel future growth, while critics see it as a betrayal of current holders' interests, fearing that dilution will erode token value and investor confidence.

Qubic Forces Monero Into 18-Block Reorg 

Privacy-focused blockchain Monero suffered an 18-block reorganization on Sunday, which some analysts claim is the largest in the network's history.

The reorg started at block height 3,499,659 and ended at 3,499,676, lasting about 43 minutes. 

It replaced 18 consecutive blocks, reversing 117 confirmed transactions, and raised significant security concerns about double-spending risks and network stability.

The reorg was at the hands of mining pool Qubic, which employs a “selfish mining strategy,” where it deliberately withholds newly mined blocks instead of immediately broadcasting them to the Monero network to gain a higher share of mining rewards.

Qubic founder Sergey Ivancheglo, better known by the pseudonym Come From Beyond, claims that “not even a single Monero transaction was invalidated.”

Despite the network breach, Monero’s native token XMR rose about 7.4% following the reorg. 

Macro Mondays: Bits + Bips is live at 4:30pm ET / 1:30pm PT!

Blockchain.com's Nic Cary and Franklin Templeton’s Max Gokhman join Steve Ehrlich and Ram Ahluwalia to discuss the biggest topics in macro and crypto. 

Watch on YouTube or X.

Tether to Launch USAT, Its U.S. Venture, With Bo Hines as CEO

By Laura Shin

On Friday, at an event in New York, Tether unveiled its foray into the U.S. market with Tether USA₮, a new company dedicated to the USA₮ stablecoin.

The company also announced the appointment of Bo Hines, who most recently served as executive director of the White House Crypto Council, as CEO.

• 📩 SEC Chair Paul Atkins promised crypto companies will now receive early warnings before any enforcement actions, breaking from the agency’s previous surprise-litigation approach under Gary Gensler’s leadership.

• 🌐 Ethena launched its synthetic dollar and staked version on Avalanche, integrating with top DeFi protocols and offering token rewards, as part of its $13 billion push to expand across chains.

• 💸 Forward Industries, which recently pivoted into Solana-focused treasury operations, said it would deploy fresh capital into Solana-based DeFi protocols following a $1.65 billion raise led by Multicoin, Galaxy, and Jump Crypto.

• 📡 A rebranded Ethereum Foundation privacy team laid out a multi-year roadmap focused on making blockchain actions invisible to outsiders, with initiatives targeting private reading, writing, and proof-generation on Ethereum.

• 🧱 The London Stock Exchange launched a blockchain-powered platform for private funds—built with Microsoft—to modernize how investment products are issued, traded, and settled across digital and traditional systems.

• 🎯 Polymarket integrated Chainlink’s data feeds to automatically resolve asset-based prediction markets on Polygon, aiming to cut manipulation and delays, while still working on how to handle bets that aren’t purely data-driven.

• 🤑📊 Polymarket and Kalshi are reportedly in talks to raise new funding at sharply higher valuations of up to $10 billion and $5 billion respectively, as both platforms expand their foothold in the fast-growing prediction market space.

• 📈 Gemini went public on Nasdaq with shares jumping 32% above its IPO price, giving the Winklevoss-led crypto exchange a market valuation of around $4.4 billion during the busiest U.S. IPO week since 2021.

1. Eli Ben-Sasson, CEO of StarkWare, on “the evolution of stablecoins”

2. The problem in RWA Metrics by DefiLlama’s 0xngmi