The battle on who will broadcast the native Stablin of Hyperliquid, Usdh, has a new heavyweight participant.
Sky, previously known as Makerdao, presented a proposal to boost the USDH that relies on its $ 8 billion balance The first issued to decentralized financing (Defi) protocol.
USDH driven by heaven
The best stablecoin offers much more than a stable exchange medium: it must also offer highly efficient yields, generated by developing, building and cultivating the ecosystem in which it lives.
When using the sky to feed the USDH, the hyperlichid …
– Rune (@runekek) September 8, 2025
Hyperliquid, who handled almost $ 400 billion in negotiation volume last month, has invited the issuing issues to compete for the right to implement the USDH.
The exchange has $ 5.5 billion in USDC deposits, approximately 7.5% of the supply of that stablecoin, which makes the contract one of the most lucrative defi. The validators will vote on September 14, with the Hyperliquid Absting Foundation.
Sky’s proposal shows that few rivals can match. It offers 4.85% yield from all USDH held in hyperlycides, a rate above treasure invoices, with income for exaggeration and the assistance fund.
It also promises $ 2.2 billion in instantaneous redemption liquidity through its PEG stability module, giving institutional merchants the confidence that they can enter and go on a scale.
Beyond performance and liquidity, Sky is an investment of the promising ecosystem. Its proposal includes a “hyperlychid genesis star” of $ 25 million, modeled after Spark, a farm inside Sky that has attracted more than $ 1 billion on TVL.
Sky said that this would start defi in hyperlycides and potentially attract billions in deposits. The protocol also pledged to migrate its native repurchase engine, with more than $ 250 million in annual profits, in hyperlichid.
Other bidders have framed their offers differently.
Paxos promised 95% of reserve profits to pump repurchases along with a zero rate USDC migration. Frax offered a “first” community wrapping model where 100% of the treasure performance would flow directly to users.
Agora, backed by State Street, Vaneck and Moonpay, promised 100% of net income in pump repurchase and stressed neutrality. The native markets, aligned with Stripe’s Bridge, have faced a community setback on possible conflicts of interests linked to the Stripe Tempo block chain and its ownership of the Privy wallet supplier.
With Ethena insinuating their own offer, the validators face a field full of people when they go to virtual surveys in a few days.
The decision will determine not only how the USDH is structured, compatible with the genius, which is taken by the user or hypernative, but also if the monetary layer of Hyperliquid is linked to a giant inherited from Stablecoin, a def-native reinforcement or a firm of corporate payments with blockchain ambitions.
