The post Ethena enters USDH race supported by BlackRock BUIDL, Anchorage, Securitize appeared on BitcoinEthereumNews.com. Ethena Labs submitted a proposal on Sept. 9 to become the issuer of Hyperliquid’s native stablecoin USDH, joining an increasingly competitive race. The bid consists of backing USDH entirely by USDtb, a stablecoin backed by BlackRock’s BUIDL fund, with the support of Anchorage Digital. Ethena is committed to returning 95% of net revenue generated from USDH reserves directly to the Hyperliquid community through HYPE token purchases and ecosystem development. Hyperliquid launched the competitive selection process for USDH following a Sept. 5 announcement that the protocol would introduce its native stablecoin in the next network upgrade. The move targets the $5.5 billion in USDC deposits currently serving as the primary settlement currency on the decentralized exchange. The selection carries significant financial implications for Hyperliquid, which currently records nearly $1.3 billion in estimated annualized revenue, according to DefiLlama data. Additionally, the network achieved an all-time high monthly trading volume of $405.8 billion in perpetual contracts during August. Different approach Ethena’s proposal differentiates itself through institutional partnerships and proposed security infrastructure. The company plans to establish an elected guardian network of Hyperliquid validators to oversee USDH operations, removing single-issuer control over the stablecoin’s security management. Beyond basic stablecoin issuance, Ethena outlined plans to launch hUSDe, a Hyperliquid-native variant of its synthetic dollar product, and committed $75 million in incentives to support HIP-3 market development. 5 Days to Smarter Crypto Moves Learn how pros avoid bagholding, spot insider front-runs, and capture alpha — before it’s too late. Brought to you by CryptoSlate Nice 😎 Your first lesson is on the way. Please add [email protected] to your email whitelist. The firm also announced partnerships with Securitize to deploy tokenized real-world assets on HyperEVM and native USDtb integration. Competing proposals Competing proposals offer distinct approaches to USDH backing and governance. Paxos proposes backing through New York… The post Ethena enters USDH race supported by BlackRock BUIDL, Anchorage, Securitize appeared on BitcoinEthereumNews.com. Ethena Labs submitted a proposal on Sept. 9 to become the issuer of Hyperliquid’s native stablecoin USDH, joining an increasingly competitive race. The bid consists of backing USDH entirely by USDtb, a stablecoin backed by BlackRock’s BUIDL fund, with the support of Anchorage Digital. Ethena is committed to returning 95% of net revenue generated from USDH reserves directly to the Hyperliquid community through HYPE token purchases and ecosystem development. Hyperliquid launched the competitive selection process for USDH following a Sept. 5 announcement that the protocol would introduce its native stablecoin in the next network upgrade. The move targets the $5.5 billion in USDC deposits currently serving as the primary settlement currency on the decentralized exchange. The selection carries significant financial implications for Hyperliquid, which currently records nearly $1.3 billion in estimated annualized revenue, according to DefiLlama data. Additionally, the network achieved an all-time high monthly trading volume of $405.8 billion in perpetual contracts during August. Different approach Ethena’s proposal differentiates itself through institutional partnerships and proposed security infrastructure. The company plans to establish an elected guardian network of Hyperliquid validators to oversee USDH operations, removing single-issuer control over the stablecoin’s security management. Beyond basic stablecoin issuance, Ethena outlined plans to launch hUSDe, a Hyperliquid-native variant of its synthetic dollar product, and committed $75 million in incentives to support HIP-3 market development. 5 Days to Smarter Crypto Moves Learn how pros avoid bagholding, spot insider front-runs, and capture alpha — before it’s too late. Brought to you by CryptoSlate Nice 😎 Your first lesson is on the way. Please add [email protected] to your email whitelist. The firm also announced partnerships with Securitize to deploy tokenized real-world assets on HyperEVM and native USDtb integration. Competing proposals Competing proposals offer distinct approaches to USDH backing and governance. Paxos proposes backing through New York…