Hyperliquid Faces Tough Competition as Ethena Proposes USDH Plan

TLDR Ethena Labs has become the sixth bidder for Hyperliquid’s USDH stablecoin. Ethena’s proposal includes backing USDH entirely by USDtb, a stablecoin tied to BlackRock’s BUIDL fund. The team pledges to return 95% of USDH reserve revenue to the Hyperliquid community. Ethena commits at least $75 million in ecosystem incentives, which could rise to $150 [...]

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