Sky Joins USDH Race, Sparking Bidding War with Other Protocols

The crypto industry is abuzz as Hyperliquid prepares to launch a USDH stablecoin, sparking a fierce bidding war among various protocols. Sky, formerly known as MakerDAO, has joined the race, leveraging its $8 billion balance sheet to offer advantageous terms to the Hyperliquid community. This move adds to the existing competition from Paxos, Frax, Agora, and Native Markets, all vying for control of this burgeoning stablecoin market.