Hyper Foundation to Gradually Phase Out $10 Million Grant for USDH Stablecoin

BlockBeats News, June 28th, Hyper Foundation announced that it will provide approximately $10 million in grants to help developers affected by the gradual USDH exit offset migration costs. The grants are divided into two categories: Migration Grants target teams that have integrated USDH and will migrate the relevant markets or deployments to USDC; Gradual Shutdown Grants target teams choosing to terminate USDH-related operations instead of migrating, with a lower amount than the equivalent Migration Grant. The grants under HIP-1 and HIP-3 are based on auction deployment costs, while the HyperEVM grant is determined based on the affected USDH lockup volume. All grant recipients must commit to completing a smooth migration or gradual shutdown by the end of July.

Users can directly exchange USDH for USDC on the HyperCore spot order book, or swap for free at a 1:1 ratio on HyperEVM using the Across protocol. The Hyper Foundation appreciates all developers who have built real markets based on USDH, users who have supported USDH's growth, and Native Markets for their pioneering work in launching protocol-native stablecoins. Thanks to the active collaboration of the team and the community, the current migration process is proceeding smoothly and orderly.