{"id":48563,"date":"2025-09-09T09:55:07","date_gmt":"2025-09-09T02:55:07","guid":{"rendered":"https:\/\/hbbgroup.net\/sky-joins-bidding-war-to-launch-hyperliquids-usdh-stablecoin\/"},"modified":"2025-09-09T09:55:07","modified_gmt":"2025-09-09T02:55:07","slug":"sky-joins-bidding-war-to-launch-hyperliquids-usdh-stablecoin","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/sky-joins-bidding-war-to-launch-hyperliquids-usdh-stablecoin\/","title":{"rendered":"Sky joins bidding war to launch Hyperliquid\u2019s USDH stablecoin"},"content":{"rendered":"
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Crypto protocol Sky has become the fifth crypto project to launch a bid to help the decentralized perps exchange Hyperliquid launch and issue a stablecoin.<\/p>\n

Sky co-founder Rune Christensen on Monday posted<\/a> his project\u2019s proposal to back Hyperliquid\u2019s USDH stablecoin, offering up Sky\u2019s resources and promising a customizable token with a yield rivaling US treasury bills.<\/p>\n

\u201cBy using Sky to power USDH, the Hyperliquid community will gain unbeatable advantages that no other stablecoin project can offer,\u201d Christensen said in his pitch.\u00a0<\/p>\n

Sky, formerly known as Maker, created and backs USDS (USDS) and Dai (DAI<\/a>), respectively the fourth and fifth-largest stablecoins that are together worth around $12.5 billion, and its proposal joins at least four other crypto projects all bidding to win the USDH job, which Hyperliquid posted on Friday<\/a>.<\/p>\n

Sky promises USDH yield, option for GENIUS Act compliance<\/h2>\n

Christensen\u2019s wide-ranging proposal says Hyperliquid would receive a 4.85% return on all USDH on its platform, which he said is \u201csignificantly above the T-Bill rate.\u201d<\/p>\n

He added that USDH will also be able to convert to and from a version of its USDS stablecoin that gives its holders a yield<\/a> of 4.75% and would be \u201cnatively multichain\u201d using the cross-blockchain protocol LayerZero.<\/p>\n

Source: <\/em>Rune Christensen<\/em><\/a><\/figcaption><\/figure>\n

The Hyperliquid community will also be able to customize the stablecoin under Sky\u2019s proposal, with Christensen giving the example that it could be made to comply with US stablecoin laws under the GENIUS Act<\/a>, which bans stablecoin issuers from paying yield.<\/p>\n

Christensen said Sky would also give $25 million to create a project to \u201cautonomously grow DeFi on Hyperliquid,\u201d which will have exclusive tokens that could be \u201cpotentially bringing in billions\u201d to the protocol.<\/p>\n

Sky\u2019s bid the fifth for Hyperliquid<\/h2>\n

Sky\u2019s proposal is the fifth similar bid for the stablecoin from a major crypto project after Hyperliquid posted to its Discord on Friday that it wanted pitches from \u201cteams interested in deploying a Hyperliquid-first, native stablecoin with the ticker USDH.\u201d<\/p>\n

It comes after the first proposal from Native Markets, a new venture set up by Hyperliquid advocate Max Fiege that would see Stripe\u2019s stablecoin payment<\/a> processor Bridge issue USDH.<\/p>\n

Related: <\/strong><\/em>Ethereum L2 MegaETH introduces yield-bearing stablecoin to fund protocol<\/strong><\/em><\/a>\u00a0<\/p>\n

Also in the mix are the stablecoin protocol Frax, stablecoin issuer Paxos and crypto infrastructure firm Agora, with backing from the crypto fintech MoonPay<\/a>.<\/p>\n

VanEck CEO makes an appeal to Hyperliquid<\/h2>\n

Meanwhile, Jan van Eck, the CEO of investment giant VanEck and father of Agora co-founder Nick van Eck, wrote<\/a> to X on Monday to appeal to the Hyperliquid community to seemingly back his son\u2019s stablecoin bid.<\/p>\n

\u201cWe\u2019d be thrilled to be a part of your community\u2019s ecosystem,\u201d he wrote. \u201cWe have spoken to many of the leading HyperEVM builders and continue to look for new ways to contribute to Hyperliquid, whether that\u2019s through this Agora proposal or something else in the future.\u201d<\/p>\n

\u201cBut we don\u2019t like being gang-tackled,\u201d van Eck said. \u201cYou wouldn\u2019t want us as a partner if we were pushed around easily.\u201d<\/p>\n

Hyperliquid validators will vote on their favored proposal after the network\u2019s next upgrade, which it has yet to announce.<\/p>\n

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