Ethena Labs Releases Bid for Hyperliquid’s USDH Stablecoin Issuance Rights

Ethena Labs has published a proposal, requesting the community and validator community to consider the USDH token identifier. It proposes a stablecoin centered on the Hyperliquid platform. This stablecoin will leverage the expertise and resources accumulated by Ethena and its partners, with a strong emphasis on security, community engagement, and regulatory compliance. Ethena is committed to investing significant financial and human resources to establish USDH as a benchmark, leading stablecoin for Hyperliquid users and developers. Key terms of the proposal include: USDH will initially be 100% backed by USDtb; Ethena pledges to dedicate at least 95% of net revenue generated from the USDH reserve to the Hyperliquid community; and if the Hyperliquid community wishes to rebase trading pairs currently denominated in USDC on core exchanges to USDH, Ethena will cover all USDC-to-USDH transaction costs. The Ethena Labs research team will submit a proposal to the Ethena Risk Committee requesting that USDH be listed as a compliant backing asset for USDe.