Ethena Labs has proposed to issue the USDH stablecoin on the Hyperliquid platform, with backing from firms like BlackRock and Anchorage Digital.
Ethena to Become Issuer of USDH Backed by BlackRock
Ethena Labs has proposed to be the issuer of the USDH stablecoin on the Hyperliquid platform. The proposal emphasizes transparency and ecosystem benefits, promising significant revenue returns for participants.
Revenue Model Promises 95% Returns
The proposal pledges to return at least 95% of net revenue from USDH reserves back to the Hyperliquid ecosystem. The funds primarily support HYPE token buybacks and ecosystem investment.
Stablecoin Adoption Could Shift Market Dynamics
It is anticipated that the adoption of the new USDH stablecoin could lead to increased trading volumes and total locked value on Hyperliquid. The experiences from past stablecoin integrations, like DAI and USDT, indicate a potential rise in market confidence.
The planned proposal by Ethena to issue the USDH stablecoin may influence the market, facilitating updates and attracting new investments.
