Hyperliquid's native stablecoin USDH issuer Native Markets will launch tokenized margin pmUSDH. After users deposit USDH into portfolio margin accounts, the protocol will convert the position into pmUSDH tokens in ERC-20 format. These tokenized positions can also earn interest paid by borrowers, and can be used across DeFi protocols including Felix, Hyperlend, Pendle, and Rysk.

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