Hyper Foundation is providing approximately $10M in grants to builders impacted by the USDH sunset to help offset migration costs and recognize the work involved in an orderly transition.

The Foundation has contacted and is working directly with all eligible grant recipients. Grants are going to affected HIP-1 spot deployers, HIP-3 perp deployers, HyperEVM protocols, dedicated USDH:USDC bridges, and Native Markets. Migration grants go to teams that integrated USDH and are migrating their affected markets or deployments to USDC. Wind-down grants go to teams that integrated USDH and are winding down their USDH-dependent operations rather than migrating to a new asset. Wind-down grants are sized below what an equivalent migration would receive. Grant recipients commit to orderly migration and wind-down before the end of July.

HIP-1 and HIP-3 grants are based on auction deployment costs. HyperEVM grants are based on USDH TVL affected by the sunset.

If you hold USDH in a protocol that's migrating or winding down, follow any instructions from that protocol directly. Users can swap USDH on HyperCore for USDC on the spot order book (https://app.hyperliquid.xyz/trade/USDH/USDC) and swap USDH on HyperEVM for USDC 1:1 with no fees via Across (https://across.to/?from=hyperevm&to=hypercore&inputToken=USDH&outputToken=USDC-SPOT).

Lastly, thank you again to the builders who built real markets and products using USDH, the users who supported USDH’s growth and development, and Native Markets for their pioneering work launching a novel, protocol-aligned stablecoin. The migration has been smooth so far because teams and the community have been actively engaged and responsible.