Ethena has proposed a new stablecoin, USDH, to be backed indirectly by BlackRock's tokenized BUIDL fund. As a part of the Hyperliquid ecosystem, USDH would initially be supported by Ethena's USDtb stablecoin, which is fully backed by the BUIDL fund. Ethena aims to enhance liquidity within Hyperliquid by creating a stablecoin that serves as an alternative to existing options like Circle's USDC and Tether's USDT. The proposal outlines a mechanism where at least 95% of USDH revenue would contribute to Hyperliquid's Assistance Fund, assisting in validator distributions and HYPE token purchases. Ethena's partnerships with Anchorage Digital and Securitize further strengthen its proposal by introducing institutional-grade tokenized funds and enhanced cash management capabilities. BlackRock's Head of Digital Assets expressed enthusiasm about USDtb's integration, highlighting its role in delivering liquidity for Hyperliquid users. This proposal showcases Ethena's ambition to become a key player in decentralized finance while leveraging BlackRock's resources and expertise in the field.

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