The post Ethena Labs steps back from Hyperliquid USDH stablecoin bid appeared on BitcoinEthereumNews.com. Ethena Labs has withdrawn its bid to issue Hyperliquid’s USDH stablecoin after validators and community members raised concerns. In a Sept. 11 post on X, Ethena founder Guy Young confirmed the withdrawal, citing feedback questioning Ethena’s positioning within the ecosystem. Young noted that conversations with validators raised three main points: Ethena is not a native Hyperliquid team, it operates several products outside USDH, and its broader ambitions go beyond one exchange partnership. He said Ethena has chosen to step aside rather than contest the arguments presented by the community. Earlier in the week, Ethena joined the Hyperliquid stablecoin contest, which has attracted several teams, including Paxos, vying to manage USDH. Its pitch involved backing the stablecoin entirely with USDtb, a token connected to BlackRock’s BUIDL. The team also pledged to return nearly all reserve revenue to the Hyperliquid community, cover migration costs from USDC, and inject at least $75 million in incentives. Native Market gains momentum Ethena’s withdrawal clears the field for Native Markets, which Young publicly congratulated. Notably, CryptoSlate previously reported that the Native Market team was a clear favorite among the competing teams. Young addressed critics who had questioned Native’s credibility, arguing that their success reflected Hyperliquid’s community-driven ethos. Enrollment Closing Soon… Secure your spot in the 5-day Crypto Investor Blueprint before it disappears. Learn the strategies that separate winners from bagholders. Brought to you by CryptoSlate Nice 😎 Your first lesson is on the way. Please add [email protected] to your email whitelist. According to him: “No one gives a f#ck how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.” Broader plans Although Ethena’s USDH bid is off the table, Young stressed that… The post Ethena Labs steps back from Hyperliquid USDH stablecoin bid appeared on BitcoinEthereumNews.com. Ethena Labs has withdrawn its bid to issue Hyperliquid’s USDH stablecoin after validators and community members raised concerns. In a Sept. 11 post on X, Ethena founder Guy Young confirmed the withdrawal, citing feedback questioning Ethena’s positioning within the ecosystem. Young noted that conversations with validators raised three main points: Ethena is not a native Hyperliquid team, it operates several products outside USDH, and its broader ambitions go beyond one exchange partnership. He said Ethena has chosen to step aside rather than contest the arguments presented by the community. Earlier in the week, Ethena joined the Hyperliquid stablecoin contest, which has attracted several teams, including Paxos, vying to manage USDH. Its pitch involved backing the stablecoin entirely with USDtb, a token connected to BlackRock’s BUIDL. The team also pledged to return nearly all reserve revenue to the Hyperliquid community, cover migration costs from USDC, and inject at least $75 million in incentives. Native Market gains momentum Ethena’s withdrawal clears the field for Native Markets, which Young publicly congratulated. Notably, CryptoSlate previously reported that the Native Market team was a clear favorite among the competing teams. Young addressed critics who had questioned Native’s credibility, arguing that their success reflected Hyperliquid’s community-driven ethos. Enrollment Closing Soon… Secure your spot in the 5-day Crypto Investor Blueprint before it disappears. Learn the strategies that separate winners from bagholders. Brought to you by CryptoSlate Nice 😎 Your first lesson is on the way. Please add [email protected] to your email whitelist. According to him: “No one gives a f#ck how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.” Broader plans Although Ethena’s USDH bid is off the table, Young stressed that…