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Ethena Labs Considers Joining USDH Stablecoin Race Under Hyperliquid

Ethena Labs Considers Joining USDH Stablecoin Race Under Hyperliquid

Native Markets triumphs in a governance vote to issue the USDH stablecoin, signaling a major move towards decentralizing liquidity on Hyperliquid amidst fierce competition.

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Fact Check
Multiple sources, including The Block, CoinMarketCap, and ChainCatcher, directly corroborate that Ethena Labs is a participant in the competition to issue Hyperliquid's USDH stablecoin. The evidence confirms Ethena has either submitted or teased a proposal, placing them in the 'race' against other issuers like Paxos and Frax.
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Summary

Native Markets has been awarded the USDH stablecoin ticker for Hyperliquid after a competitive validator-led vote. The decision followed a nine-day process, with Native Markets securing over 70% validator support. Despite criticisms of centralized control, the outcome reflects growing interest in stablecoins as Hyperliquid seeks to reduce reliance on legacy issuers. USDH will be issued through a phased rollout, with a spot market and API for traders in development.

Terms & Concepts
  • USDH Stablecoin: A stablecoin associated with Hyperliquid, with exclusive issuance rights contested among DeFi players.
  • Hyperliquid: A decentralized exchange platform aiming to introduce new stablecoin models, with a focus on governance-driven token issuance.