Ethena Labs has withdrawn its proposal to issue Hyperliquid’s upcoming USDH stablecoin, following vocal opposition from the community and ecosystem validators. Key Takeaways: Ethena Labs has withdrawn its USDH proposal after community pushback over alignment and focus.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 ...