Ethena, the team behind the USDE synthetic dollar protocol, removed its bid to issue Hyperliquid’s USDH Stablecoin, which confessed to concerns that were raised in direct discussions with community members and validators.
In a statement by X Thursday, the Etena team recognized the push for not being a hyperliquid-native project that an AND SaiD It will keep, congratulating rival native markets, which are now viewed as a career frontrunner.
“While some are complaining about their lack of credibility (native market) I think their success here perfectly incorporates everything special about Hyperliquid and their community,” Says Ethhena Labs founder Guy Young, adding:
“This is a field playing level where emerging players can win the hearts of the community and give a fair shot to the success.”
Ethena’s removal marks a major shift in the bidding process, which has drawn proposals from many teams to issue a USDH, upcoming native stablecoin of hyperliquid.
Outside of Ethhena, polymarket predictions markets provide native markets a 92% chance to win, with Paxos in second place at almost 7% at the time of writing.
This is a story development, and further information will be added as it is available.
