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Ethena Labs has entered the competitive race to become Hyperliquid’s native stablecoin issuer with a proposal backed by BlackRock’s BUIDL fund. The bid promises to return 95% of net revenue to the Hyperliquid community through HYPE token purchases. This move targets Hyperliquid’s $5.5 billion in USDC deposits currently used for settlement.
- Ethena proposes using BlackRock's BUIDL-backed USDtb for full collateralization of USDH, with security managed by an elected guardian network of Hyperliquid validators
- The stablecoin issuance could generate $220 million in additional annual revenue for HYPE token holders while reducing Circle's USDC supply by 7%
- Ethena plans to launch hUSDe (a Hyperliquid-native synthetic dollar) and deploy tokenized real-world assets on HyperEVM through Securitize partnership
📎 Related coverage from: cryptoslate.com
Other Tags: Ethena USDe, Hype, LayerZero, Skycoin, US Dollar, USDC, BUIDL, Anchorage Digital, DeFi, Dragonfly, Ethena Labs, Frax Finance, Hyperliquid, KPMG, Paxos, Securitize