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Ethena Labs Releases Bid Proposal for USDH Issuance Right

By: theblockbeats.news|2025/09/09 17:42:35

BlockBeats News, September 10th. According to official sources, Ethena Labs has joined Hyperliquid's USDH stablecoin issuance competition and released a bid for the USDH issuance right.

Ethena Labs stated that if selected as a USDH issuer, USDH will be 100% backed by USDtb, issued by Anchorage Digital Bank, and fully collateralized by BlackRock BUIDL. Ethena has committed to allocating at least 95% of the net income generated from the USDH reserve back to the Hyperliquid community through HYPE buybacks, reward funds, and other means. Ethena will bear the cost of USDC migration and plans to introduce a liquidity support mechanism to enhance the depth of the USDH in the perpetual contract market.

Ethena has already set aside at least $75 million (composed of cash and token incentives) to support the HIP-3 front-end development for Ethena-related products (including USDe, hUSDe, and USDH), contingent on the approval of this proposal. 50% of the fee revenue generated by these front-ends will be shared with Hyperliquid.

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