Ethena Labs Withdraws Bid for Hyperliquid’s USDH Stablecoin Amid Pushback

Ethena Labs has withdrawn its proposal to issue Hyperliquid’s upcoming USDH stablecoin, following vocal opposition from the community and ecosystem validators. Key Takeaways: Ethena Labs has withdrawn its USDH proposal after community pushback over alignment and focus. The move clears the way for Native Markets, while Ethena shifts focus to other Hyperliquid-based products. Paxos emerges as a leading contender with a PayPal-backed proposal and strong validator appeal. The decision, announced by fo ...