It seems like the race to become Hyperliquid’s stablecoin partner is heating up. Ethena Labs threw its hat in the ring this week, offering its synthetic dollar protocol as a potential backbone for the decentralized exchange’s new stablecoin initiative. Hyperliquid’s community has been asking for proposals, and Ethena’s now on the list.
But they’re not the only ones. Paxos and World Liberty Financial—that DeFi project linked to Donald Trump—have also put forward ideas. Ethena’s pitch, though, leans heavily on its partnerships. And honestly, they’re notable.
Backing from Big Names
Ethena’s proposal name-drops Anchorage Digital, a federally chartered digital asset bank, and Securitize, which is backed by BlackRock. That’s not nothing. Anchorage currently issues Ethena’s own USDtb stablecoin, which is fully backed by BlackRock’s tokenized fund, BUIDL.
Robert Mitchnick, BlackRock’s head of digital assets, even gave a quote in the proposal. He talked about bringing “institutional grade cash management” and on-chain liquidity to Hyperliquid users. It feels like a serious play for credibility.
Why Hyperliquid Matters
Not long ago, Hyperliquid was just another DeFi startup trying to make noise. Now? It’s got almost $6 billion in stablecoins on its network, according to DefiLlama. Projects like Ethena aren’t just pitching—they’re competing for Hyperliquid’s attention.
Under Ethena’s plan, the proposed stablecoin, USDH, would be backed initially by USDtb. That means it’d be indirectly tied to BlackRock’s BUIDL fund. Revenue from the reserves—at least 95% of it—would go to Hyperliquid’s Assistance Fund, along with HYPE token buys and validator distributions.
What’s in It for Hyperliquid?
HYPE, by the way, is Hyperliquid’s governance token. It was trading around $53 on Tuesday, up sharply over 24 hours. Holders use it to vote on upgrades and proposals like this one.
Ethena says it would cover transaction costs to make USDH the default stablecoin on Hyperliquid’s exchange. That’s a practical sweetener. Plus, Anchorage would issue USDtb natively on Hyperliquid’s network. Securitize would bring its tokenization platform over at no cost, offering access to funds, stocks, and other financial products.
It’s a full package—liquidity, institutional backing, and what looks like a clear revenue model. Whether Hyperliquid’s community goes for it… well, that’s up to them. But Ethena’s making a strong case.
