Sky, previously known as Maker, is one of five crypto protocols competing to assist in launching the USDH stablecoin, proposed by Hyperliquid. Sky co-founder Rune Christensen presented a proposal that includes a customizable stablecoin offering a yield of 4.85%, surpassing US Treasury bill rates. This stablecoin can interchange with Sky's existing USDS stablecoin which offers a yield of 4.75% and will utilize a cross-blockchain protocol for multichain functionality. Furthermore, Sky plans to invest $25 million to foster decentralized finance (DeFi) growth on Hyperliquid, potentially generating significant revenue. Other contenders in the bidding include Native Markets, Frax, Paxos, and Agora. The Hyperliquid community will vote on bids following an upcoming network upgrade.

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