Ethena Labs Releases Proposal to Bid for Hyperliquid's USDH Stablecoin Issuance Rights

Ethena Labs has released a proposal, requesting the community and validator groups to consider the inclusion of the USDH token identifier, proposing the launch of a stablecoin centered around the Hyperliquid platform. This stablecoin will integrate the professional expertise and resources accumulated by Ethena and its partners through practical experience, with a strong emphasis on security, community co-building, and compliance. Ethena has pledged significant financial and human resources to establish USDH as a benchmark, top-tier stablecoin within the Hyperliquid user and developer community. The core terms of the proposal include: USDH will initially be 100% backed by USDtb; Ethena commits to allocating at least 95% of the net income generated from USDH reserves to the Hyperliquid community; if the Hyperliquid community wishes to reprice the current trading pairs on the core exchange from USDC to USDH, Ethena will cover all transaction costs associated with migrating USDC to USDH; the Ethena Labs research team will submit a proposal to the Ethena Risk Committee, applying to list USDH as a compliant reserve asset for USDe, among other measures.