Ethena Submits Proposal for Hyperliquid’s Stablecoin Backed by BlackRock
Decentralized finance protocol Ethena (ENA) proposed to issue Hyperliquid's upcoming stablecoin, joining a competitive bidding process that includes Paxos, Sky, Frax, and Agora.
- The stablecoin will be fully backed by Ethena's USDtb, issued with Anchorage Digital and backed by BlackRock's BUIDL fund.
- Ethena plans for 95% of net revenue from USDH reserves to support the Hyperliquid ecosystem.
- Ethena will cover migration costs for existing USDC trading pairs on Hyperliquid to facilitate adoption.
- The decentralized exchange reported nearly $400 billion in perpetuals trading volume last month, attracting interest from stablecoin providers.
- Validators will vote on proposals on September 14.