The crypto protocol Sky has become the fifth project to initiate a bid, assisting the decentralized perpetual contract exchange Hyperliquid in launching and issuing the stablecoin.
Sky co-founder Rune Christensen released a proposal on Monday supporting the Hyperliquid USDH stablecoin, suggesting the use of Sky's resources. The proposal promises to provide a customizable token with yields comparable to U.S. Treasury rates.
In the introduction, Christensen stated, "By empowering USDH with Sky, the Hyperliquid community will gain unparalleled advantages that no other stablecoin project can offer."
Sky (formerly Maker) has created and supports USDS (USDS) and Dai (DAI), which rank fourth and fifth among stablecoins, with a total value of approximately $12.5 billion. This proposal brings the number of crypto teams participating in the USDH bidding to at least five, as Hyperliquid announced the bidding information on Friday.
Christensen's comprehensive proposal states that all USDH on the Hyperliquid platform will earn a return of 4.85%. He noted that this yield "significantly exceeds U.S. Treasury rates."
He added, "USDH can also be bi-directionally exchanged with a version of the USDS stablecoin that offers a 4.75% yield and will achieve native multi-chain functionality through the cross-chain protocol LayerZero."
According to Sky's proposal, Christensen cited that the Hyperliquid community could also customize the stablecoin, which could be designed to comply with the requirements of the GENIUS Act under U.S. stablecoin law, which prohibits stablecoin issuers from paying yields to holders.
Christensen stated, "Sky will also provide $25 million to create a project for 'self-developing DeFi on Hyperliquid,' which will have a dedicated token and the potential to bring billions of dollars in funding to the protocol."
Sky's proposal is the fifth bid for the stablecoin among major crypto projects, following Hyperliquid's announcement on Friday in its Discord, expressing a desire to receive proposals from "teams interested in deploying the native stablecoin USDH led by Hyperliquid."
The first proposal came from Native Markets, a new venture founded by Hyperliquid supporter Max Fiege, which will issue USDH through Stripe's stablecoin payment processor Bridge.
Other participants in the bidding include the stablecoin protocol Frax, stablecoin issuer Paxos, and the crypto infrastructure company Agora, which is supported by the crypto fintech company MoonPay.
Meanwhile, investment giant VanEck's CEO and Agora co-founder Nick van Eck's father, Jan van Eck, posted on X on Monday, calling for the Hyperliquid community to support his son's stablecoin bid.
"We are excited to join your community ecosystem," he wrote. "We have engaged with many leading HyperEVM developers and are continuously looking for ways to contribute new ideas to Hyperliquid, whether through this Agora proposal or other future possibilities."
Van Eck stated, "But we do not like to be collectively pressured. If we can be easily swayed, you wouldn't want us as partners."
Hyperliquid validators will vote on the supported proposals after the next network upgrade, the specific timing of which has not yet been announced.
Related: Gemini launches derivatives and Ethereum (ETH) and Solana (SOL) staking services in Europe
Original article: “Sky joins the bidding war, aiming to promote Hyperliquid's issuance of the USDH stablecoin”
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