Ethena Labs has one Proposal on September 9 To become the issuer of Hyperliquid’s Native Stablecoin USDH, to join an increasingly competitive race.
The bid consists of supporting USDH fully by USDTB, a stablecoin supported by BlackRock’s Buidl Fund, with the support of Anchorage Digital.
Ethena strives to return 95% of the net income generated from USDH -Reserves directly to the Hyperliquid community by purchases of hype -token and ecosystem development.
Hyperliquid launched the competitive selection process for USDH after an announcement of 5 September that the protocol would introduce its Native Stablecoin to the next network upgrade.
The relocation focuses on the $ 5.5 billion in USDC deposits that currently serve the primary settlement currency on the decentralized stock exchange.
The selection has significant financial implications for hyperliquid, which currently registers almost $ 1.3 billion in estimated income from annual basis, according to Defillama facts. Moreover, the network reached an all time of high monthly trade volume from $ 405.8 billion in eternal contracts In August.
Other approach
Ethena’s proposal distinguishes itself by institutional partnerships and proposed safety infrastructure.
The company is planning to set up a chosen Guardian network of hyperliquid validators to supervise USDH activities, whereby a single-information check on the security management of the Stablecoin is removed.
In addition to the issue of the Basic Stablecoin, Ethena outlined plans to launch HUSD, a hyperliquid-native variant of his synthetic dollar product, and $ 75 million made incentives to support the market development of the HIP-3.
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The company also announced partnerships with Securitize to implement tokenized real-world assets about HyperevM and native USDTB integration.
Competing proposals
Competitive proposals offer different approaches of USDH support and governance. Paxos proposes support via the New York Department of Financial Services-protected accounts with monthly KPMG statements.
Frax Finance plans FruSd retarded by Treasury Partnerships with BlackRock and Superstate. Agora offers short -term American treasuries with proof of reserves powered by Chaos Labs.
Sky presents flexible collateral support through its risk management framework with Layerzero interoperability.
The validator-powered selection process requires approval of the proposal through community management before you switch to a gas auction for final implementation rights.
Omar Kanji from Dragonfly estimates that the transition can generate $ 220 million in extra income on an annual basis for hypeholders, while the USDC offer from Circle is reduced by 7%.
Ethena emphasized his track record that more than $ 23 billion in Tokenized Dollar Activa achieved and positioned itself as the largest counterparty that is able to support hyperliquid to Equity Perpetual Swaps through HIP-3 markets.
