Ethena Labs Joins Bid for Hyperliquid’s USDH Stablecoin Control

TLDR Ethena Labs enters the race to control Hyperliquid’s USDH stablecoin alongside five other bidders. Ethena’s proposal includes backing USDH with USDtb and creating a validator “guardian network.” The protocol promises to return 95% of reserve revenue to the Hyperliquid community if selected. Ethena Labs plans to cover costs for migrating Hyperliquid’s markets from USDC [...]

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