{"id":46446,"date":"2025-09-09T05:16:50","date_gmt":"2025-09-09T05:16:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=46446"},"modified":"2025-09-09T05:16:50","modified_gmt":"2025-09-09T05:16:50","slug":"sky-pitches-genius-compliant-usdh-stablecoin-with-8b-balance-sheet-and-4-85-yield","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=46446","title":{"rendered":"Sky Pitches Genius-Compliant USDH Stablecoin With $8B Balance Sheet and 4.85% Yield"},"content":{"rendered":"
\n

The battle over who will issue Hyperliquid\u2019s native stablecoin<\/a>, USDH, has a new heavyweight entrant.<\/p>\n

Sky, formerly known as MakerDAO, submitted a proposal to power USDH that leans on its $8 billion balance sheet, seven-year operating history, and a B- S&P credit rating \u2013 the first ever issued to a decentralized finance (DeFi) protocol.<\/a><\/p>\n

Hyperliquid, which handled nearly $400 billion in trading volume<\/a> last month, has invited issuers to compete for the right to deploy USDH.<\/p>\n

The exchange holds $5.5 billion in USDC deposits, roughly 7.5% of that stablecoin\u2019s supply, making the contract one of the most lucrative in DeFi. Validators are set to vote on September 14, with the Hyperliquid Foundation abstaining.<\/p>\n

Sky\u2019s proposal highlights features few rivals can match. It offers 4.85% returns on all USDH held on Hyperliquid, a rate above Treasury bills, with revenue earmarked for HYPE buybacks and the Assistance Fund.<\/p>\n

It also pledges $2.2 billion in instant redemption liquidity through its Peg Stability Module, giving institutional traders confidence they can move in and out at scale.<\/p>\n

Beyond yield and liquidity, Sky is promising ecosystem investment. Its proposal includes a $25 million \u201cHyperliquid Genesis Star,\u201d modeled after Spark, a token farm within Sky that has attracted more than $1 billion in TVL.<\/p>\n

Sky said this would bootstrap DeFi on Hyperliquid and potentially attract billions in deposits. The protocol also pledged to migrate its native buyback engine, with more than $250 million in annual profits, onto Hyperliquid.<\/p>\n

Other bidders have framed their offers differently.<\/p>\n

Paxos pledged 95% of reserve earnings to HYPE buybacks alongside a zero-fee USDC migration. Frax offered a \u201ccommunity-first\u201d wrapper model where 100% of Treasury yield would flow directly to users.<\/p>\n

Agora, backed by State Street, VanEck, and MoonPay, promised 100% of net revenue into HYPE buybacks and stressed neutrality. Native Markets, aligned with Stripe\u2019s Bridge<\/a>, has faced community pushback over potential conflicts of interest tied to Stripe\u2019s Tempo blockchain and its ownership of wallet provider Privy.<\/p>\n

With Ethena hinting at its own bid<\/a>, validators face a crowded field when they head to the virtual polls in a few days.<\/p>\n

The decision will determine not only how USDH is structured, Genius-compliant, user-yielding, or Hyper-native, but also whether Hyperliquid\u2019s monetary layer is tied to a legacy stablecoin giant, a DeFi-native upstart, or a corporate payments firm with blockchain ambitions.<\/p>\n

<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The battle over who will issue Hyperliquid\u2019s native stablecoin, USDH, has a new heavyweight entrant. Sky, formerly known as MakerDAO, submitted a proposal to power USDH that leans on its $8 billion balance sheet, seven-year operating history, and a B- S&P credit rating \u2013 the first ever issued to a decentralized finance (DeFi) protocol. Hyperliquid, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-46446","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/46446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46446"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/46446\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}