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Decentralized cryptocurrency derivatives exchange Hyperliquid (HYPE) announced last week that it plans to launch its own native stablecoin, $USDH.
Accordingly, Hyperliquid announced that it will hold an on-chain vote on the issuance of its stablecoin $USDH. The selected project will win the right to issue a native $USDH stablecoin compatible with Hyperliquid. Hyperliquid will provide the branding and $USDH token, while the team selected through the vote will be responsible for the issuance and operations.
As anticipation for Hyperliquid’s $USDH stablecoin continues, Ethena (ENA), the team behind the USDe synthetic dollar protocol, has announced that it has withdrawn its bid to issue Hyperliquid’s $USDH stablecoin.
Ethena Labs has withdrawn its proposal to issue Hyperliquid’s $USDH stablecoin, acknowledging concerns raised in direct conversations with community members and validators.
Ethena Labs founder Guy Young said that community concerns that Ethena was not a Hyperliquid-specific team, had other product lines, and did not limit its goals to a single partner exchange were valid, and therefore the proposal was withdrawn.
Ethena's withdrawal marks a significant shift in the bidding process, which has already received bids from numerous teams to issue Hyperliquid's upcoming native stablecoin, $USDH.
With Ethena eliminated, prediction markets on Polymarket give Native Markets a 92% chance of winning, with Paxos in second place at around 7% at the time of writing.
Ultimately, Ethena’s withdrawal not only gave Native Markets the near-certain winner, but also highlighted the advantage local projects have in decentralized governance processes.
*This is not investment advice.