Ethena has formally suggested to manage USDH, the planned native stablecoin of hyperliquid, to position itself against Rivals Sky, Frax, Agora and others.
Summary
- Ethena has proposed to spend USDH on Hyperliquid, supported by Anchorage and BlackRock’s Buidl Fund.
- The plan sends 95% of the income to the Hyperliquid community through hype -return and incentives.
- Ethena promised $ 75 million in ecosystem growth and added guarantees via a Guardian Validator network.
According to Ethena’s (ENA) Governance of September 9 compulsionThe Stablecoin would be supported by USDTB, a payment to smoking that is issued by Anchorage Digital Bank on 1 October and indirectly collateral by BlackRock’s Buidl Fund.
Ethena argued that this structure combines institutional credibility with compliance and scalability and noted that it has already beat and shed more than $ 23 billion in dollar assets without a downtime.
USDH anchoring to institutional partners
According to the plan, USDH would be fully supported by USDTB, of which Ethena says it is the only Stablecoin BlackRock approved for collateralization in Buidl. Anchorage, the first OCC-chartered crypto-bank in the US, would serve as an issue and custodian.
Ethena also provided public support from partners. Robert Mitchchnick, head of digital assets at BlackRock, called USDTB “Unique positioned to offer institutional cash management and liquidity in the chains.” Nathan McCauley, CEO of Anchorage, added that the Hyperliquid setup would offer “a sovereign stablecoin that helps the ecosystem grow.”
To set up stimuli, Ethena promised to return at least 95% of USDH -Reserves to the Hyperliquid community. This includes contributions to the Assistance Fund and Hyperliquid (Hype) -Token -Token, with the option to distribute the proceeds directly to validators used in a later administrative mood.
Security and hyperliquid ecosystem Groeifonds
The Ethena proposal places a strong emphasis on safety, with reference to concern that a wrongly managed Stablecoin could be systemic risks for the markets of Hyperliquid, where stable assets reduce trading couple every everlasting.
To mitigate this, the Governance team suggested by a chosen Guardian network of validators, possibly with Layerzero (ZRO), with the authority to freeze tokens or re -publish during crises.
In addition to the issue of Stablecoin, Ethena promised to invest at least $ 75 million in incentives to grow Hyperliquid’s HIP-3 front ends and to support new products such as HUSD, a hyperloquid-native derivative of Ethena Usde (Usde).
The company said that the existing Usde balance of $ 13 billion could be used to stabilize liquidity on the markets of Hyperliquid, making his claim the most capable partner to scale USDH to multi-billion delivery.
With more than $ 5 billion in USD Coin (USDC) that is currently circulating at Hyperliquid, the decision about who will spend USDH will be the risk profile of the stock exchange for years. Ethena, already behind Usde, the third largest crypto-dollar, presents his candidacy and both a safe and ambitious option.
