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Ethena Labs has entered the competitive bidding to become the issuer of Hyperliquid’s USDH stablecoin, a mandate tied to $5 billion in liquidity. The protocol becomes the sixth contender vying for control of one of DeFi’s most lucrative stablecoin programs. Ethena’s proposal includes substantial revenue sharing and ecosystem incentives.
- Ethena proposes backing USDH 100% with USDtb, which is collateralized by BlackRock's BUIDL fund
- The protocol pledges 95% of reserve revenue back to Hyperliquid community and establishes validator guardian network
- Commitment includes covering USDC-to-USDH migration costs and $75-150M ecosystem incentives
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Related Tags: BlackRock Stablecoin