Previously, Native Markets acted as the issuer and liquidity supporter of USDH, connecting traditional USD assets with on-chain trading demand through a stablecoin mechanism. This sunset continues its cautious approach in product lifecycle management, including early liquidity injection and later risk control measures.

On the capital front, Native Markets is reallocating resources from the ongoing operation of the website to the Bridge redemption channel, motivated by the need to orderly reduce exposure, protect users' rights to redeem USD assets, and avoid additional losses from disorderly liquidation or trust collapse. Essentially, this move is about gradually returning on-chain stablecoin stock to the traditional USD system.

Similar to MicroStrategy's long-term management of its Bitcoin holding strategy or other DeFi projects' exit arrangements at the end of market cycles, Native Markets is currently transitioning from expansion to controlled exit of its stablecoin products.

Structural Judgment Essentially belongs to regulatory changes and capital concentration: As cryptocurrency stablecoin regulations tighten and liquidity requirements increase, small and medium issuers struggle to maintain compliance and face redemption pressure, while large USD asset providers or compliant platforms concentrate on absorbing the stock, leading user funds to concentrate on more robust paths, driven by trust and capital efficiency.

ABAB News · Cognitive Laws

When leveraged products exit, 1:1 redemption is the true moat.
Liquidity precedes innovation; exit mechanisms determine survival radius.
Capital always concentrates on verifiable redemption structures, not stories.