The post Ethena joins race to issue Hyperliquid’s USDH stablecoin appeared on BitcoinEthereumNews.com. Ethena has formally proposed to manage USDH, Hyperliquid’s planned native stablecoin, positioning itself against rivals Sky, Frax, Agora, and others. Summary Ethena has proposed issuing USDH on Hyperliquid, backed by Anchorage and BlackRock’s BUIDL fund. The plan directs 95% of revenues to the Hyperliquid community via HYPE buybacks and incentives. Ethena pledged $75M to ecosystem growth and added safeguards through a guardian validator network. According to Ethena’s (ENA) Sept. 9 governance submission, the stablecoin would be backed by USDtb, a payment token to be issued by Anchorage Digital Bank on Oct. 1, and indirectly collateralized by BlackRock’s BUIDL fund.  Ethena argued that this structure combines institutional credibility with compliance and scalability, noting that it has already minted and redeemed over $23 billion of tokenized dollar assets without downtime. Anchoring USDH to institutional partners Under the plan, USDH would launch fully backed by USDtb, which Ethena says is the only stablecoin BlackRock has approved for collateralization in BUIDL. Anchorage, the first OCC-chartered crypto bank in the U.S., would serve as issuer and custodian. Ethena also secured public support from partners. Robert Mitchnick, head of digital assets at BlackRock, called USDtb “uniquely positioned to offer institutional-grade cash management as well as on-chain liquidity.” Anchorage CEO Nathan McCauley added that the arrangement would provide Hyperliquid with “a sovereign stablecoin that helps the ecosystem grow.” To align incentives, Ethena pledged to direct at least 95% of net revenues from USDH reserves back to the Hyperliquid community. That includes contributions to the Assistance Fund and Hyperliquid (HYPE) token buybacks, with the option of distributing yield directly to staked validators in a later governance vote. Security and Hyperliquid ecosystem growth fund Ethena’s proposal places strong emphasis on security, citing concerns that a mismanaged stablecoin could pose systemic risks to Hyperliquid’s markets, where stable assets back every… The post Ethena joins race to issue Hyperliquid’s USDH stablecoin appeared on BitcoinEthereumNews.com. Ethena has formally proposed to manage USDH, Hyperliquid’s planned native stablecoin, positioning itself against rivals Sky, Frax, Agora, and others. Summary Ethena has proposed issuing USDH on Hyperliquid, backed by Anchorage and BlackRock’s BUIDL fund. The plan directs 95% of revenues to the Hyperliquid community via HYPE buybacks and incentives. Ethena pledged $75M to ecosystem growth and added safeguards through a guardian validator network. According to Ethena’s (ENA) Sept. 9 governance submission, the stablecoin would be backed by USDtb, a payment token to be issued by Anchorage Digital Bank on Oct. 1, and indirectly collateralized by BlackRock’s BUIDL fund.  Ethena argued that this structure combines institutional credibility with compliance and scalability, noting that it has already minted and redeemed over $23 billion of tokenized dollar assets without downtime. Anchoring USDH to institutional partners Under the plan, USDH would launch fully backed by USDtb, which Ethena says is the only stablecoin BlackRock has approved for collateralization in BUIDL. Anchorage, the first OCC-chartered crypto bank in the U.S., would serve as issuer and custodian. Ethena also secured public support from partners. Robert Mitchnick, head of digital assets at BlackRock, called USDtb “uniquely positioned to offer institutional-grade cash management as well as on-chain liquidity.” Anchorage CEO Nathan McCauley added that the arrangement would provide Hyperliquid with “a sovereign stablecoin that helps the ecosystem grow.” To align incentives, Ethena pledged to direct at least 95% of net revenues from USDH reserves back to the Hyperliquid community. That includes contributions to the Assistance Fund and Hyperliquid (HYPE) token buybacks, with the option of distributing yield directly to staked validators in a later governance vote. Security and Hyperliquid ecosystem growth fund Ethena’s proposal places strong emphasis on security, citing concerns that a mismanaged stablecoin could pose systemic risks to Hyperliquid’s markets, where stable assets back every…