Ethena Labs joins the competition for issuing rights to Hyperliquid’s USDH stablecoin

Ethena Labs, the issuer of the third-largest US dollar stablecoin, USDe, recently hinted that it may enter the bidding for the issuance rights of Hyperliquid's stablecoin, USDH. Early this morning, Ethena Labs publicly addressed Hyperliquid co-founder Jeff on social media, stating in a lighthearted and playful tone: "Dear Jeff, I wrote to you, but you still haven't returned my call.

I sent two USDH proposals last fall, and I guess you didn't receive them—maybe there was a problem with Discord, or maybe I was too sloppy when writing the deployment address." This statement is seen as a key signal that Ethena Labs intends to bid for the issuance rights of the USDH stablecoin.

Previously, on September 5th, Hyperliquid officially announced the release of the USDH token symbol and the opening of the stablecoin issuance rights. Qualified institutions were invited to submit issuance proposals by Wednesday, September 10th, with a community vote scheduled for Sunday, September 14th. Hyperliquid's move aims to expand participation and decentralization within its stablecoin ecosystem.

Ethena Labs, the third-largest issuer of USD stablecoins, will undoubtedly further intensify the competition. Industry observers believe that if Ethena is selected, it could leverage its existing resources and technological expertise to further expand USDH's liquidity and application scenarios.