Ethena Labs has pitched issuing USDH as a native stablecoin for Hyperliquid, proposing it be indirectly backed by BlackRock’s tokenized BUIDL fund via Anchorage-issued USDtb.
Hyperliquid currently runs on Circle’s USDC and Tether’s USDT0, but its community is soliciting alternatives. Other proposals have come from Paxos and World Liberty Financial; Ethena’s bid emphasizes partner support from Anchorage Digital and Securitize, which it says can bring institutional-grade cash management and tokenized assets to the network.
According to Ethena’s plan, USDH would be initially backed by USDtb—giving it an indirect link to BlackRock, the $14 trillion asset manager behind the BUIDL fund. The proposal calls for at least 95% of revenue generated by USDH reserves to be distributed to Hyperliquid’s Assistance Fund, used for HYPE purchases and sent to validators. HYPE traded near $53 on Tuesday, up about 20% over 24 hours, per CoinGecko.
Ethena also proposes covering transaction costs to help USDH gain traction on Hyperliquid. Anchorage would issue USDtb natively on Hyperliquid, and Securitize would deploy a tokenization platform on the layer-1 at no deployment cost, potentially bringing funds, stocks and other real-world assets on-chain.
Why it matters: Hyperliquid now holds roughly $5.7 billion in stablecoins (DefiLlama), attracting institutional players. But readers should note risks: indirect backing and reliance on tokenized fund structures introduce counterparty, custody and regulatory considerations. This is industry news, not investment advice.
Source: Decrypt. Read the original coverage for full details.