ChainThink reports that on March 15, Native Markets, the issuer of Hyperliquid’s native stablecoin USDH, will launch tokenized margin pmUSDH. After users deposit USDH into their portfolio margin account, the protocol will convert the position into an ERC-20 token called pmUSDH, which also earns interest paid by borrowers. Additionally, pmUSDH can be used across DeFi protocols including Felix, Hyperlend, Pendle, and Rysk.
Native Markets to Launch Tokenized Collateral pmUSDH
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Summary
The token launch was announced on March 15, 2026, as Native Markets revealed the release of tokenized collateral pmUSDH. Users depositing USDH into a portfolio margin account will receive ERC-20 pmUSDH tokens, which can earn interest from borrowers and are compatible with DeFi protocols such as Felix, Hyperlend, Pendle, and Rysk. This development brings new on-chain opportunities for USDH holders and DeFi participants.
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