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Sky and Ethena Enter USDH Race on Hyperliquid as Sept. 14 Validator Vote Nears

The contest could reroute interest on roughly $5.5 billion in on‑platform stablecoins to HYPE buybacks, pressuring Circle’s USDC revenue.

Ethena joins race for hyperliquid's stablecoin with blackrock backed proposal
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Sky pitches genius compliant usdh stablecoin with $8b balance sheet and 4.85% yield

Overview

  • Hyperliquid set a stake‑weighted validator vote for Sept. 14 (10:00–11:00 UTC) to assign the USDH ticker, with proposals due Sept. 10 and validators publicly declaring preferences by Sept. 11.
  • Sky, formerly MakerDAO, proposed 4.85% returns on USDH held on Hyperliquid, $2.2 billion in instant redemption liquidity via its Peg Stability Module, a $25 million growth fund, LayerZero interoperability, and highlighted its B‑ S&P rating.
  • Ethena bid to back USDH with USDtb tied to BlackRock’s BUIDL fund with Anchorage support, return 95% of net revenue to HYPE and ecosystem development, create a validator guardian network, launch hUSDe, and commit $75 million in incentives.
  • Paxos offered to redirect 95% of reserve interest to HYPE buybacks with GENIUS and MiCA compliance and native deployment on HyperEVM and HyperCore, while Agora pledged 100% of net revenue to buybacks or the Assistance Fund and Frax outlined a community‑first model.
  • HYPE set a new all‑time high near $55 as delegations shifted ahead of the vote, analysts flagged a potential $150–$200 million annual revenue hit to Circle if liquidity migrates, and multiple reports said the Foundation plans to abstain.