Ethena Labs exits Hyperliquid stablecoin USDH bid

PANews September 12th news, Ethena Labs has announced its withdrawal from the issuance bid for the Hyperliquid stablecoin USDH. Its founder Guy Young said that in previous discussions with validators and community members, questions about the positioning of the Ethena team in the Hyperliquid ecosystem, including its non-native team identity, product range exceeding USDH and its broad goals far exceeding the cooperation of a single exchange. Based on these feedbacks, Ethena decided not to compete anymore and instead opted out. He congratulated the Native Markets team on their successful wins of community support. In the future, Ethena Labs will continue to focus on developing innovative products, including native synthetic USD hUSDe, USDe-backed savings and card payment products, hedging liquidity solutions on Hyperliquid, as well as reward trading collateral based on the HIP-3 market design, modular brokerage services and stock perpetual contracts. Previous news, Hyper Foundation: The voting for the issuance rights of the stablecoin USDH will start on September 14, on-chain and based on staking.