TLDR of Ethena’s ( ENA) USDH proposal - Fully backed by GENIUS-compliant USDtb, the only stablecoin Blackrock has backed fully with their tokenized fund - 95% of net revenue used for HYPE buybacks and investments - Fully subsidize all USDC -> USDH migration - 75M cash and tokens set aside for @HyperliquidX ecosystem - Existing work with multiple HIP-3 projects https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/vG9tVz8p6Da6vX8CiZ30A0CYM3wIiWlIBX6Zlj0qhQ8(Jason Choi)