Ethena bids to issue Hyperliquid’s USDH stablecoin backed by Anchorage and Blackrock

Posted On September 10, 2025

Ethena has formally proposed to manage USDH, Hyperliquid’s planned native stablecoin, positioning itself against rivals Sky, Frax, Agora, and others. According to Ethena’s (ENA) Sept. 9 governance submission, the stablecoin would be backed by USDtb, a payment token to be…