TechFlow news, September 9: Ethena Labs has released a proposal to bid for the issuance rights of Hyperliquid's USDH stablecoin. Ethena commits significant financial and human resources to establish USDH as the benchmark and premier stablecoin within Hyperliquid's user and developer communities.
Key terms of the proposal include: USDH will initially be 100% backed by USDtb; Ethena pledges that at least 95% of net income generated from USDH reserves will go to the Hyperliquid community; if the Hyperliquid community wishes to re-denominate existing USDC-denominated trading pairs on its core exchange to USDH, Ethena will cover all transaction costs associated with migrating from USDC to USDH; and the Ethena Labs research team will submit a proposal to the Ethena Risk Committee to approve USDH as a compliant reserve asset for USDe.
