# Ethena Makes Bid to Issue Hyperliquid Stablecoin

*Author: Bankless*
*Published: Sep 9, 2025*
*Source: https://www.bankless.com/read/ethena-makes-bid-to-issue-hyperliquid-stablecoin*

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Ethena has submitted a formal proposal to issue Hyperliquid’s native stablecoin, USDH, joining a crowded field of contenders including Paxos, Agora, and Sky. 

### What’s the Scoop?
- **BlackRock-Backed Collateral:** Ethena’s proposal would see USDH fully backed by USDtb — a stablecoin issued through Anchorage Digital and collateralized by BlackRock’s tokenized money market fund, BUIDL.
- **Revenue Sharing Offer:** Ethena pledged to return 95% of net revenue from USDH reserves back to the Hyperliquid ecosystem, a competitive giveback to attract validator support.
- **Adoption Incentives:** The proposal also includes a commitment to cover costs for migrating existing USDC trading pairs on Hyperliquid to USDH, aiming to smooth the transition for users.
- **Competitive Bidding:** The race to issue USDH has intensified. Other bidders include Sky (formerly MakerDAO), Paxos, Frax, Agora, and Native Markets. Hyperliquid saw nearly $400 billion in perp volume last month.
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