Ethena Labs has become the sixth contender for Hyperliquid's USDH stablecoin, announcing its proposal in a blog post on Tuesday. This competition will determine who controls billions of dollars in liquidity and revenue for one of the fastest-growing decentralized finance (DeFi) derivatives exchanges.
The team behind USDe and USDtb proposed to launch a USDH version fully backed by USDtb, a stablecoin linked to the BlackRock BUIDL fund, which is set to be issued through Anchorage Digital Bank. If selected, Ethena promises to return 95% of reserve income to the Hyperliquid community and implement safeguards through an elected validator "Guardian Network."
The protocol also commits to covering the costs of migrating the Hyperliquid market from USDC to USDH and promises at least $75 million in ecosystem incentives, a figure that could rise to $150 million.
Ethena's plan includes collaborating with Securitize to bring tokenized funds and stocks to HyperEVM and launching a Hyperliquid native synthetic dollar called hUSDe. It also proposes providing an instant liquidity pathway through its existing stablecoin infrastructure.
To address security risks, Ethena suggests that USDH oversight be handled by a selected Hyperliquid validator "Guardian Network," rather than leaving control entirely to the issuer.
Ethena's bid follows proposals from Paxos, Frax Finance, Agora, Native Markets, and Sky (formerly MakerDAO).
Hyperliquid announced on Friday the initiation of a community process to select the USDH issuer.
The first proposal came from Native Markets, a venture capital firm founded by Hyperliquid advocate Max Fiege. The plan aimed to issue USDH through Stripe's stablecoin payment processor Bridge but faced strong opposition from the community.
Ethena's most recent proposal came from the crypto protocol Sky. On Monday, Sky co-founder Rune Christensen outlined a USDH plan supported by Sky resources, offering a yield of 4.85%.
Agora, a crypto infrastructure company backed by VanEck and MoonPay, also joined the competition, proposing to return 100% of USDH reserve income to the Hyperliquid community.
Ethena's bid was made shortly after it claimed to become the third-largest stablecoin issuer globally (after Tether and Circle). Its USDe token surpassed $10 billion in supply in less than 10 months, setting a record for the fastest growth, with a market cap exceeding $12.9 billion as of the time of writing, according to Token Terminal data.
In Tuesday's blog post, Ethena also stated that its commitment to Hyperliquid is not contingent on winning. It referred to Hyperliquid as "one of the most impressive and significant stories to emerge in the past 20 years" and pledged to create billions of dollars in value for the network beyond USDH.
These proposals will be decided after Hyperliquid's next network upgrade, at which point validators will hold a formal vote. The upgrade date has not yet been announced.
As the bidding progresses, Hyperliquid's native token HYPE reached an all-time high of $55.04 today, according to CoinGecko data.
Related: Emerging stablecoins accelerate, industry landscape reaches a turning point entering the second half of the competition
Original: “The USDH Bidding Heats Up at Hyperliquid, Ethena Becomes the Sixth Contender”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
