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Ethena Labs submitted a proposal connected Sept. 9 to go the issuer of Hyperliquid’s autochthonal stablecoin USDH, joining an progressively competitory race.
The bid consists of backing USDH wholly by USDtb, a stablecoin backed by BlackRock’s BUIDL fund, with the enactment of Anchorage Digital.
Ethena is committed to returning 95% of nett gross generated from USDH reserves straight to the Hyperliquid assemblage done HYPE token purchases and ecosystem development.
Hyperliquid launched the competitory enactment process for USDH pursuing a Sept. 5 announcement that the protocol would present its autochthonal stablecoin successful the adjacent web upgrade.
The determination targets the $5.5 cardinal successful USDC deposits presently serving arsenic the superior colony currency connected the decentralized exchange.
The enactment carries important fiscal implications for Hyperliquid, which presently records astir $1.3 cardinal successful estimated annualized revenue, according to DefiLlama data. Additionally, the web achieved an all-time precocious monthly trading measurement of $405.8 cardinal successful perpetual contracts during August.
Different approach
Ethena’s connection differentiates itself done organization partnerships and projected information infrastructure.
The institution plans to found an elected guardian web of Hyperliquid validators to oversee USDH operations, removing single-issuer power implicit the stablecoin’s information management.
Beyond basal stablecoin issuance, Ethena outlined plans to motorboat hUSDe, a Hyperliquid-native variant of its synthetic dollar product, and committed $75 cardinal successful incentives to enactment HIP-3 marketplace development.
The steadfast besides announced partnerships with Securitize to deploy tokenized real-world assets connected HyperEVM and autochthonal USDtb integration.
Competing proposals
Competing proposals connection chiseled approaches to USDH backing and governance. Paxos proposes backing done New York Department of Financial Services-protected accounts with monthly KPMG attestations.
Frax Finance plans frUSD backing done treasury partnerships with BlackRock and Superstate. Agora offers short-dated US Treasuries with impervious of reserves powered by Chaos Labs.
Sky proposes flexible collateral backing done its hazard absorption model with LayerZero interoperability.
The validator-driven enactment process requires connection support done assemblage governance earlier proceeding to a state auction for last deployment rights.
Omar Kanji from Dragonfly estimates the modulation could make $220 cardinal successful further annualized gross for HYPE holders portion reducing Circle’s USDC proviso by 7%.
Ethena emphasized its way grounds managing implicit $23 cardinal successful tokenized dollar assets and positioned itself arsenic the largest counterparty susceptible of supporting Hyperliquid’s enlargement into equity perpetual swaps done HIP-3 markets.
The station Ethena enters USDH contention supported by BlackRock BUIDL, Anchorage, Securitize appeared archetypal connected CryptoSlate.
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