Finance
What you absolutely need to know:
- So, Ethena is in the race to issue Hyperliquid’s stablecoin, taking on some serious contenders like Paxos, Agora, and Sky. No biggie.
- They’re backing it up with their USDtb, which, spoiler alert, is issued with a federally chartered bank and supported by BlackRock’s money market fund. Because why not?
- And if this whole thing works out, Ethena is promising to return a whopping 95% of the revenue from USDH reserves to the Hyperliquid ecosystem. Oh, and they’re covering the costs to migrate USDC pairs, too. Generous much?
Decentralized finance protocol Ethena has decided to throw its hat into the hyper-competitive ring for issuing Hyperliquid’s upcoming stablecoin. Clearly, they didn’t get the memo that *everyone* wants in, including Paxos, Sky, Frax, and Agora. The competition is now officially *spicy*.
The token will be fully backed by Ethena’s USDtb, which is that stablecoin you might want to Google because it’s issued with Anchorage Digital, a federally chartered bank. And yes, BlackRock’s BUIDL-backed tokenized money market fund is in the mix. Money, money, money!
“We’re *super* thrilled to enable Ethena’s USDtb, because it’s 100% backed by BUIDL, which is *obviously* poised to offer institutional-grade cash management and on-chain liquidity to Hyperliquid users,” said Robert Mitchnick, BlackRock’s head of digital assets. Can you feel the excitement?
If this proposal gets the green light, Ethena is promising to send 95% of the net revenue from USDH reserves back to the Hyperliquid ecosystem. Also, they’re kindly covering the cost of migrating existing USDC trading pairs to USDH. Wow, they’re basically the fairy godmother of stablecoins. 💸✨
Oh, and in case you were wondering: the competition to be the issuer of Hyperliquid’s USDH stablecoin is fierce. The decentralized exchange just pulled in nearly $400 billion in perpetual trading volume last month. Who wouldn’t want a slice of that pie? The contenders are fierce, with names like Sky (formerly MakerDAO), Paxos, Frax, Agora, and Native Markets all gunning for the same prize. It’s like a financial Hunger Games, but with fewer arrows and more liquidity.
The validators are set to vote on these proposals on September 14, which means this soap opera isn’t over just yet. Stay tuned for more drama, folks.
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2025-09-09 21:01