The universal enveloping algebra $U(\mathfrak{sl}_2)$ of $\mathfrak{sl}_2$ is a unital associative algebra over $\mathbb C$ generated by $E,F,H$ subject to the relations \begin{align*} [H,E]=2E, \qquad [H,F]=-2F, \qquad [E,F]=H. \end{align*} The distinguished central element $$ Λ=EF+FE+\frac{H^2}{2} $$ is called the Casimir element of $U(\mathfrak{sl}_2)$. The universal Hahn algebra $\mathcal H$ is a unital associative algebra over $\mathbb C$ with generators $A,B,C$ and the relations assert that $[A,B]=C$ and each of \begin{align*} α=[C,A]+2A^2+B, \qquad β=[B,C]+4BA+2C \end{align*} is central in $\mathcal H$. The distinguished central element $$ Ω=4ABA+B^2-C^2-2βA+2(1-α)B $$ is called the Casimir element of $\mathcal H$. By investigating the relationship between the Terwilliger algebras of the hypercube and its halved graph, we discover the algebra homomorphism $\natural:\mathcal H\rightarrow U(\mathfrak{sl}_2)$ that sends \begin{eqnarray*} A &\mapsto & \frac{H}{4}, \\ B & \mapsto & \frac{E^2+F^2+Λ-1}{4}-\frac{H^2}{8}, \\ C & \mapsto & \frac{E^2-F^2}{4}. \end{eqnarray*} We determine the image of $\natural$ and show that the kernel of $\natural$ is the two-sided ideal of $\mathcal H$ generated by $β$ and $16 Ω-24 α+3$. By pulling back via $\natural$ each $U(\mathfrak{sl}_2)$-module can be regarded as an $\mathcal H$-module. For each integer $n\geq 0$ there exists a unique $(n+1)$-dimensional irreducible $U(\mathfrak{sl}_2)$-module $L_n$ up to isomorphism. We show that the $\mathcal H$-module $L_n$ ($n\geq 1$) is a direct sum of two non-isomorphic irreducible $\mathcal H$-modules.