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Ethena Makes Bid to Issue Hyperliquid Stablecoin

The DeFi firm’s proposal would see USDH fully backed by USDtb.
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Sep 9, 2025 • 1 min read

Ethena has submitted a formal proposal to issue Hyperliquid’s native stablecoin, USDH, joining a crowded field of contenders including Paxos, Agora, and Sky.

What’s the Scoop?

  • BlackRock-Backed Collateral: Ethena’s proposal would see USDH fully backed by USDtb — a stablecoin issued through Anchorage Digital and collateralized by BlackRock’s tokenized money market fund, BUIDL.
  • Revenue Sharing Offer: Ethena pledged to return 95% of net revenue from USDH reserves back to the Hyperliquid ecosystem, a competitive giveback to attract validator support.
  • Adoption Incentives: The proposal also includes a commitment to cover costs for migrating existing USDC trading pairs on Hyperliquid to USDH, aiming to smooth the transition for users.
  • Competitive Bidding: The race to issue USDH has intensified. Other bidders include Sky (formerly MakerDAO), Paxos, Frax, Agora, and Native Markets. Hyperliquid saw nearly $400 billion in perp volume last month.

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