Ethena Bids for USDH With BUIDL-Backed Reserves

Ethena Labs has submitted a proposal to operate Hyperliquids native USDH stablecoin, outlining a structure that begins with full collateralization in USDtb and a governance-linked security model. Blackrock, Securitize Ties Featured in Ethenas USDH Bid for Hyperliquid The latest bid from Ethena positions USDH as Hyperliquid-first, initially backed 100% by USDtb, a stablecoin whose reserves []