Sky (formerly MakerDAO) has joined the competition for the issuance rights of Hyperliquid's USDH stablecoin. Sky co-founder Rune wrote on the X platform: "Sky provides the main advantages of USDH for Hyperliquid:
USDH will receive instant liquidity of USD 2.20 billion USDC for off-chain redemption;
Sky can deploy its balance sheet of over $8 billion to Hyperliquid.
All USDH on Hyperliquid can earn a yield of 4.85%, which is higher than the Treasury yield. The 4.85% yield generated by all USDH will be used for the HYPE repurchase fund.
Sky can provide $25 million to create an independent Hyperliquid Star project to develop Hyperliquid DeFi independently.
Sky could move its repo system to Hyperliquid, building USDH liquidity with profits in excess of $250 million per year.
Sky joins Hyperliquid's competition for the right to issue USDH stablecoin
2025-09-09 00:12:35
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