Ethena has withdrawn its bid to issue Hyperliquid's USDH stablecoin, following concerns from community members and validators about its non-native status. The decision, announced in a statement on X, clears the path for Native Markets, now the leading contender in the race. Ethena Labs founder Guy Young praised the Hyperliquid community's openness to new players, despite some skepticism about Native Markets' credibility.
With Ethena stepping aside, prediction markets on Polymarket now give Native Markets a 92% chance of winning the bid, with Paxos trailing at 7%. This development marks a significant shift in the competitive landscape for issuing Hyperliquid's native stablecoin.
Ethena Withdraws from Hyperliquid USDH Stablecoin Race, Boosting Native Markets
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