Ethena Labs has proposed the launch of the USDH stablecoin, fully backed by new assets USDtb from Anchorage. The initiative is significantly supported by BlackRock.
Support from Institutional Partners
Ethena Labs is collaborating with BlackRock and Anchorage Digital in pursuing the adoption of USDH. Robert Mitchnick, Head of Digital Assets at BlackRock, noted, "USDtb ... uniquely positioned to offer institutional-grade cash management as well as on-chain liquidity."
Market Impact
BlackRock's backing provides credibility and may drive liquidity shifts across markets, impacting traditional stablecoins. The revenue model includes a 95% return for the Hyperliquid community, which could stimulate interest.
Prospects and Challenges
The launch of USDH may raise regulatory compliance questions and potential technological advancements in stablecoin architecture. Historical trends indicate significant total value locked (TVL) surges in similar scenarios, suggesting a promising future for USDH.
Ethena's initiative to launch USDH with support from firms like BlackRock could significantly alter the stablecoin market by offering a new level of institutional liquidity and community involvement.
