Ethena Labs filed a proposal on September 9 to become the native Stablecoin issuer of Hyperliquid Usdh, joining an increasingly competitive race.
The offer consists of supporting the USDH completely for USDTB, a Stablcoin backed by Blackrock Buidl fund, with the support of Anchorage Digital.
Ethena undertakes to return 95% of the net income generated by USDH reserves directly to the hyperliquida community through the purchases of token of hype and development of ecosystems.
Hyperliquid launched the competitive selection process for the USDH after a September 5 advertisement that the protocol would introduce its native stablecoin in the next network update.
The measure is aimed at $ 5.5 billion in USDC deposits that currently serve as the main liquidation currency in the decentralized exchange.
The selection entails significant financial implications for hyperlichid, which currently registers almost $ 1.3 billion in estimated annualized revenues, according to defillion data. In addition, the Network achieved a higher monthly negotiation volume of $ 405.8 billion in perpetual contracts during August.
Different approach
Ethena’s proposal differs through institutional associations and proposed security infrastructure.
The company plans to establish a network of validos of Hyperliquid Elected Guardian to supervise the operations of the USDH, eliminating control of a single number on the Security management of Stablecoin.
Beyond the basic emission of Stablecoin, Ethena described the plans to launch Husde, a native hyperlichid variant of its synthetic dollar product and committed $ 75 million in incentives to support the development of the Hip-3 market.
5 days to smarter cryptographic movements
Learn how professionals avoid the coil, detect the first internal steps and capture Alfa, before it is too late.
Brought to you by crypt
Good 😎 Your first lesson is on their way.
Add [email protected] to your email Whitelist.
The firm also announced associations with Securitize to implement assets of the real world token in hypevm and Native Integration of USDTB.
Competeting proposals
Competeting proposals offer different approaches to the support and governance of the USDH. Paxos proposes support through the Department of Financial Services protected by New York with accounts with monthly KPMG certifications.
Frax Finance Plan Frusd Back through Treasury Associations with Blackrock and Superstate. Agora offers US Treasures.
Sky proposes a flexible guarantee support through its risk management framework with interoperability of Layerzero.
The selection process promoted by the validator requires the approval of the proposal through the community government before proceeding to a gas auction for the final deployment rights.
Omar Kanji de Dragonfly estimates that the transition could generate $ 220 million in additional annualized revenues for exaggeration holders while reducing the Circle USDC supply by 7%.
Ethena emphasized her history that administered more than $ 23 billion in tokenized dollar assets and positioned itself as the largest counterpart capable of supporting the expansion of hyperlycides in perpetual exchanges of capital through the hip-3 markets.