Ethena Labs withdraws from Hyperliquid stablecoin USDH bidding

Ethena Labs has announced its withdrawal from the bidding for the issuance of Hyperliquid's stablecoin USDH. Its founder Guy Young said that previous discussions with validators and community members raised questions about the Ethena team's positioning in the Hyperliquid ecosystem, including its non-native team identity, its product range beyond USDH, and its broad goals far beyond cooperation with a single exchange. Based on this feedback, Ethena decided not to participate in the competition and chose to withdraw. He congratulated the Native Markets team on successfully winning community support. In the future, Ethena Labs will continue to focus on developing innovative products, including native synthetic US dollar hUSDe, USDe-backed savings and card payment products, hedging liquidity solutions on Hyperliquid, and market design based on HIP-3.