Hyper Foundation will gradually exit the USDH stablecoin and has issued a $10 million grant

BlockBeats news, June 28, the Hyper Foundation announced that it will provide approximately $10 million in grants to help developers affected by the gradual phase-out of USDH offset migration costs. The grants are divided into two categories: migration grants for teams that have integrated USDH and are migrating related markets or deployments to USDC; and phase-out grants for teams that choose to terminate USDH-related operations rather than migrate, with amounts lower than equivalent migration grants. HIP-1 and HIP-3 grants are calculated based on auction deployment costs, while HyperEVM grants are determined by the amount of USDH locked up affected. All grantees must commit to completing an orderly migration or phase-out by the end of July.

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