Hyperliquid Price Soars 24% Driven by Ethena’s USDH Bid

The Hyperliquid cryptocurrency has surged by 24% in the past week, reaching $55.27 as of early morning EST on September 10, 2025. This rise coincides with news that Ethena Labs is joining the competition for a major position within Hyperliquid’s USDH stablecoin ecosystem, with their bid involving asset management giant BlackRock. Ethena’s proposal aims to create a USDH version backed by USDTb, which is already 100% backed by BlackRock’s BUIDL fund. [Link to tweet about Ethena’s bid] This move comes as more prominent DeFi and financial companies enter the race for USDH, bolstering HYPE price optimism. ]