6 hours ago
Decentralized concern protocol Ethena (ENA) submitted Tuesday a proposal to contented Hyperliquid's upcoming stablecoin, joining a bidding contention that has already attracted a slew of companies similar Paxos, Sky, Frax and Agora.
The token would beryllium afloat backed by Ethena's USDtb, a stablecoin issued with federally chartered slope Anchorage Digital and afloat backed by BUIDL, the tokenized wealth marketplace money by plus absorption elephantine BlackRock and Securitize.
"We are excited to alteration Ethena’s USDtb, which is 100% backed by BUIDL and uniquely positioned to connection organization people currency absorption arsenic good arsenic on-chain liquidity to Hyperliquid users," said Robert Mitchnick, Blackrock's caput of integer assets, successful the proposal.
If adopted, Ethena pledged that 95% of nett gross from USDH reserves would travel backmost to the Hyperliquid ecosystem, the connection said. Ethena besides said it would screen the costs of migrating existing USDC trading pairs connected Hyperliquid to USDH to easiness adoption.
The connection comes arsenic contention to triumph the issuance of Hyperliquid's USDH stablecoin is intensifies. The decentralized speech executed astir $400 cardinal successful perpetuals trading measurement past month, making it an charismatic marketplace for stablecoin providers to corner. Sky (formerly MakerDAO), Paxos, Sky, Frax, Agora and Native Markets threw their chapeau successful the ring. Validators are acceptable to ballot connected proposals connected September 14.
Read more: Sky Pitches Genius-Compliant USDH Stablecoin With $8B Balance Sheet and 4.85% Yield
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