{"id":497895,"date":"2025-09-11T17:51:38","date_gmt":"2025-09-11T16:51:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=497895"},"modified":"2025-12-03T12:44:35","modified_gmt":"2025-12-03T12:44:35","slug":"ethena-labs-drops-out-of-hyperliquids-usdh-stablecoin-bid-citing-ecosystem-concerns","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethena-labs-drops-out-of-hyperliquids-usdh-stablecoin-bid-citing-ecosystem-concerns\/","title":{"rendered":"Ethena Labs drops out of Hyperliquid&#8217;s USDH stablecoin bid citing ecosystem concerns"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/ethena-labs\/\">Ethena Labs<\/a> has withdrawn its bid to issue Hyperliquid\u2019s USDH stablecoin after validators and community members raised concerns.<\/p>\n<p>In a Sept. 11 <a href=\"https:\/\/x.com\/gdog97_\/status\/1966137801650614362\">post<\/a> on X, Ethena founder Guy Young confirmed the withdrawal, citing feedback questioning Ethena\u2019s positioning within the ecosystem.<\/p>\n<p>Young noted that conversations with validators raised three main points: Ethena is not a native Hyperliquid team, it operates several products outside USDH, and its broader ambitions go beyond one exchange partnership.<\/p>\n<p>He said Ethena has chosen to step aside rather than contest the arguments presented by the community.<\/p>\n<p>Earlier in the week, Ethena joined the <a href=\"https:\/\/cryptoslate.com\/ethena-enters-usdh-race-supported-by-blackrock-buidl-anchorage-securitize\/\">Hyperliquid stablecoin contest<\/a>, which has attracted several teams, including <a href=\"https:\/\/cryptoslate.com\/companies\/paxos\/\">Paxos<\/a>, vying to manage USDH.<\/p>\n<p>Its pitch involved backing the stablecoin entirely with USDtb, a token connected to <a href=\"https:\/\/cryptoslate.com\/companies\/blackrock\/\">BlackRock\u2019s BUIDL.<\/a> The team also pledged to return nearly all reserve revenue to the Hyperliquid community, cover migration costs from <a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a>, and inject at least $75 million in incentives.<\/p>\n<h2>Native Market gains momentum<\/h2>\n<p>Ethena\u2019s withdrawal clears the field for Native Markets, which Young publicly congratulated. Notably, <em>CryptoSlate<\/em> previously reported that the <a href=\"https:\/\/cryptoslate.com\/hyperliquids-usdh-stablecoin-race-heats-up-as-native-markets-takes-lead-amid-paxos-proposal\/\">Native Market team was a clear favorite<\/a> among the competing teams.<\/p>\n<p>Young addressed critics who had questioned Native\u2019s credibility, arguing that their success reflected Hyperliquid\u2019s community-driven ethos.<\/p>\n<p>According to him:<\/p>\n<blockquote><p>&#8220;No one gives a f#ck how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.&#8221;<\/p><\/blockquote>\n<h2>Broader plans<\/h2>\n<p>Although Ethena\u2019s USDH bid is off the table, Young stressed that the project\u2019s broader plans on Hyperliquid remain unchanged.<\/p>\n<p>He outlined plans to prioritize products such as synthetic dollars (hUSDe), USDe-powered savings and card products, and hedging flows designed for Hyperliquid markets.<\/p>\n<p>Ethena also intends to explore HIP-3 markets, including reward-bearing collateral, modular prime broking, and perpetual equity swaps.<\/p>\n<p>According to Young, these initiatives represent Ethena\u2019s long-term strategy of doubling down on innovation.<\/p>\n<p>He wrote:<\/p>\n<blockquote><p>&#8220;We will do what we have always done since day one: outcompete everyone else on product regardless.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ethena Labs has withdrawn its bid to issue Hyperliquid\u2019s USDH stablecoin after validators and community members raised concerns. In a Sept. 11 post on X, Ethena founder Guy Young confirmed the withdrawal, citing feedback questioning Ethena\u2019s positioning within the ecosystem. Young noted that conversations with validators raised three main points: Ethena is not a native [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":497902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,79325,32631],"tags":[79342,79930,79972],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethena Labs steps back from Hyperliquid USDH stablecoin bid<\/title>\n<meta name=\"description\" content=\"Ethena exits USDH stablecoin race after community pushback, eyeing expanded opportunities with Hyperliquid.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethena-labs-drops-out-of-hyperliquids-usdh-stablecoin-bid-citing-ecosystem-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethena Labs drops out of Hyperliquid&#039;s USDH stablecoin bid citing ecosystem concerns\" \/>\n<meta property=\"og:description\" content=\"Ethena exits USDH stablecoin race after community pushback, eyeing expanded opportunities with Hyperliquid.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethena-labs-drops-out-of-hyperliquids-usdh-stablecoin-bid-citing-ecosystem-concerns\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-11T16:51:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-03T12:44:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/09\/usdh-ethena.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethena-labs-drops-out-of-hyperliquids-usdh-stablecoin-bid-citing-ecosystem-concerns\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethena-labs-drops-out-of-hyperliquids-usdh-stablecoin-bid-citing-ecosystem-concerns\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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