by: xpoolPosted on:

Ethena Submits Proposal for BlackRock-Backed USDH Stablecoin on Hyperliquid

Ethena has proposed to issue Hyperliquid’s native USDH stablecoin, backed by Anchorage Digital Bank and BlackRock’s BUIDL fund. The proposal emphasizes institutional credibility, community revenue sharing, and a guardian validator network for security. Ethena commits $75 million to ecosystem incentives, aiming to scale USDH safely across Hyperliquid’s markets. This move positions the firm as a key contender alongside rivals such as Sky, Frax, and Agora.

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