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By Krisztian Sandor, AI Boost|Edited by Nikhilesh De
Sep 9, 2025, 4:42 p.m.
- Ethena has proposed to issue Hyperliquid’s upcoming stablecoin, joining a competitive bidding race with other companies like Paxos, Agora and Sky.
- The proposed token would be backed by Ethena’s USDtb, which issued with federally chartered bank Anchorage Digital and backed by BlackRock’s tokenized money market fund.
- If adopted, Ethena promises to return 95% of net revenue from USDH reserves to the Hyperliquid ecosystem and cover costs for migrating existing USDC trading pairs.
Decentralized finance protocol Ethena ENA$0.8156 submitted Tuesday a proposal to issue Hyperliquid’s upcoming stablecoin, joining a bidding race that has already attracted a slew of companies like Paxos, Sky, Frax and Agora.
The token would be fully backed by Ethena’s USDtb, a stablecoin issued with federally chartered bank Anchorage Digital and fully backed by BUIDL, the tokenized money market fund by asset management giant BlackRock and Securitize.
STORY CONTINUES BELOW
“We are excited to enable Ethena’s USDtb, which is 100% backed by BUIDL and uniquely positioned to offer institutional grade cash management as well as on-chain liquidity to Hyperliquid users,” said Robert Mitchnick, Blackrock’s head of digital assets, in the proposal.
If adopted, Ethena pledged that 95% of net revenue from USDH reserves would flow back to the Hyperliquid ecosystem, the proposal said. Ethena also said it would cover the costs of migrating existing USDC trading pairs on Hyperliquid to USDH to ease adoption.
The proposal comes as competition to win the issuance of Hyperliquid’s USDH stablecoin is intensifies. The decentralized exchange executed almost $400 billion in perpetuals trading volume last month, making it an attractive market for stablecoin providers to corner. Sky (formerly MakerDAO), Paxos, Sky, Frax, Agora and Native Markets threw their hat in the ring. Validators are set to vote on proposals on September 14.
Read more: Sky Pitches Genius-Compliant USDH Stablecoin With $8B Balance Sheet and 4.85% Yield
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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By Ian Allison|Edited by Parikshit Mishra
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Coinbase engineers have released x402 Bazaar, a “Google for AI agents” discovery layer.
What to know:
- The new AI indexing layer builds on the release earlier this year of x402, an open source payment protocol that enables instant stablecoin payments on any website.
- Some of the first projects listed include Prixe, a stock price API allowing agents to create up-to-date financial reports, and various image and video generation endpoints.
