The Hyperliquid stablecoin contest has experienced a significant shift following Ethena Labs’ withdrawal. The team’s decision to step aside, citing community and validator concerns regarding its role within the ecosystem, opens doors for rival teams like Native Markets to advance with greater momentum. This move was prompted by doubts about Ethena Labs’ long-term connection to Hyperliquid. While initially aiming to back USDH completely with USDtb, a token tied to BlackRock’s BUIDL fund, the team faced criticism regarding its lack of native participation. Ethena’s withdrawal has cleared a crucial hurdle for Native Markets, positioning it as the leading contender in the contest.