Sky joins the competition for issuing rights to Hyperliquid’s USDH stablecoin

Sky (formerly MakerDAO) has joined the competition for the issuance rights of Hyperliquid's USDH stablecoin. Sky co-founder Rune posted on the X platform: Sky's key advantages in providing USDH to Hyperliquid include: USDH will have access to $2.2 billion in instant USDC liquidity for off-chain redemptions; Sky can deploy its over $8 billion balance sheet to Hyperliquid; all USDH on Hyperliquid will earn a 4.85% yield, higher than Treasury bond yields, and the 4.85% return generated by all USDH will be used to fund the HYPE buyback fund; Sky will provide $25 million in funding to establish the independent Hyperliquid Star project and independently develop Hyperliquid DeFi; and Sky can transfer its buyback system to Hyperliquid, leveraging its over $250 million in annual profits to build USDH liquidity.