Ethena Labs has decided to withdraw from Hyperliquid's USDH stablecoin offering competition after becoming aware of community concerns about its identity as a non-native team. According to Ethena founder Guy Young's September 11 post on X, the decision was made after direct communication with validators and principals who raised questions about Ethena's focus and fit with the Hyperliquid (HYPE) ecosystem.
Young pointed out in the statement that the Hyperliquid community has three main concerns: Ethena's lack of local connections with the exchange, its product ambitions beyond USDH, and its growth strategy that is not fully aligned with Hyperliquid's ecosystem.
"Congratulations to the Native Markets team, you deserve it," Young said, praising the winning bid, adding that Hyperliquid's governance process showed that small, community-driven projects could succeed regardless of background or funding.
Ethena withdraws from Hyperliquid's USDH stablecoin offering bid
2025-09-12 07:00:21
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