Join the race to issue a Hyperliquid’s USDH Stablecoin with a token supported by BlackRock
Decentralized Protocol of the Etherna Protocol Submitted Tuesday a proposal to issue hyperliquid’s Approaching stablecoinParticipating in a breeding breed that attracts a killing of companies such as Paxos, Sky, Frax and Agora.
The token is fully able toback by the USDTB of Etherna, a stablecoin issued along with Buidl’s Federally Chartered Bank Anchorage and fully -back -back, the tokenized Money Market Fund through giant managing assets Blackrock and Securitize.
“We are excited to enable the USDTB of Ethena, which is 100% supported by BUIDL and uniquely positioned to offer institutional management of the institution’s cash as well as on-chain liquidity to Hyperliquid users,” said Robert Mitchnick, head of blackrock’s digital assets, in the proposal.
If adopted, Ethena promised that 95% of the net income from the USDH reserves returned to the hyperliquid ecosystem, the proposal said. Ethena also said it covers the costs of moving existing USDC trading pairs to Hyperliquid in the USDH to ease the adoption.
The proposal came as competition to win the release of Hyperliquid’s USDH Stablecoin intensified. The decentralized exchange held nearly $ 400 billion in the quantity of Perpetuals trading last month, making it a attractive -attractive market for stablecoin providers in the corner. Sky (Dating Makerdao)Paxos, Sky, Frax, Agora and native markets threw their hat in the ring. Validators are set to vote on proposals on September 14th.
Read more: Sky Pitches Genius-Following USDH Stablecoin with $ 8B balance sheet and 4.85% yield
