Ethena Labs Exit USDH stablecoin issuance bidding
Source: ForesightNews
Time: 2025-09-12 15:08:11
Ethena Labs founder Guy Young tweeted that after communicating with validators and client, Ethena decided to withdraw from the USDH stablecoin issuance bid due to community concerns about its non-local team identity and its 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. Congratulations to Native Markets on winning support, and said the Hyperliquid governance process demonstrates the chances of community-driven projects winning regardless of funding or context.