Ethena exits Hyperliquid USDH stablecoin bidding to clear the way for Native Markets

According to Bijie.com, Ethena team withdrew from Hyperliquid's USDH stablecoin issuance bid and admitted that it was opposed by the community because of its non-native project identity. Founder Guy Young congratulated rival Native Markets, saying it reflects the level playing field in the Hyperliquid community. Polymarket predicts that Native Markets' chance of winning is 92%, and Paxos ranks second with 7%. Critics questioned the fairness of the bidding process, saying that the Native Markets proposal appeared prematurely and that the validators were biased. The USDH vote will be held on Sunday, and the results will affect Hyperliquid's USD 5 billion USDC business and stablecoin market structure.