Decentralized financing protocol ethena Posted on Tuesday a proposal to issue Hyperliquid’s upcoming stableecoin, which acceded to a messenger that has already attracted a number of companies such as Paxos, Sky, Frx and Agora.
The token would be fully backed by ethenas USDTB, a stableecoin issued with federally chartered bank anchorage digital and fully backed by buidl, the tokenized money market fund of asset management giant Blackrock and Securitize.
“We are pleased to enable Ethenas USDTB, which is 100% backed by Buidl and uniquely placed to offer institutional wage management as well as liquidity to hyperliquid users,” Robert Mitchnick, Blackrock’s head of digital assets, said in the proposal.
If it was adopted, Ethhena promised that 95% of net revenue from USDH reserves would flow back to the hyperliquid ecosystem, the proposal says. Ethena also said it would cover the cost of migrating existing USDC trading pair at Hyperliquid to USDH to facilitate adoption.
The proposal comes when the competition to win the issue of Hyperliquids USDH StableCecoin intensifies. The decentralized exchange performed nearly $ 400 billion in eternal trading volume last month, making it an attractive market for stablecoin providers to the corner. Sky (Former Makerdao)Paxos, Sky, Frax, Agora and Native Markets Threw their hat in the ring. Validators are set to vote on proposals on September 14.
Read more: Sky Pitches Genius-Compatible USDH StableCOin with $ 8b Balance and 4.85% Dividend
