Ethena announces withdrawal from bidding for Hyperliquid USDH stablecoin issuance

Odaily Planet Daily News Ethena Labs founder Guy Young said on September 11 that after communicating with validators and client, Ethena decided to withdraw from the USDH stablecoin issuance competition due to community concerns about its non-local team identity and ecological fit with Hyperliquid. The main community concerns include: Ethena’s lack of local connections with the exchange, product goals beyond USDH itself, and the incomplete alignment of growth strategies with the ecology. Young also congratulated Native Markets on winning support, saying the Hyperliquid governance process demonstrates the chances of community-driven projects winning regardless of funding or context.