Ethena Labs releases a proposal to bid for the issuance rights of Hyperliquid's USDH stablecoin

ChainCatcher news, Ethena Labs has released a proposal requesting the community and validator group 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 experience and resources accumulated by Ethena and its partners in practical applications, with a strong emphasis on security, community co-construction, and compliance.

Ethena commits to investing significant funds and human resources to make USDH a benchmark, top-tier stablecoin among Hyperliquid users and developers. The core terms of the proposal include that USDH will initially be 100% backed by USDtb; Ethena commits to using at least 95% of the net income generated from USDH reserves for the Hyperliquid community; if the Hyperliquid community wishes to reprice the current trading pairs on the core exchange from USDC to USDH, Ethena will bear all transaction costs for migrating USDC to USDH; the Ethena Labs research team will submit a proposal to the Ethena Risk Committee to apply for USDH to be listed as a compliant backing asset for USDe, etc.