mirror.xyz/0xF99d0E4E3435cc9C9... Ethena has proposed USDH, the native stablecoin of Hyperliquid. Its initial collateral is USDtb, linked to Anchorage and BlackRock, and its structure promises to return the majority of its profits to the community. Beyond simple issuance, Ethena aims to become a core infrastructure partner for Hyperliquid. ⸻ Ethena's goal for Hyperliquid is not simply collaboration, but to create a meta that combines stablecoins and trading volume. • Hyperliquid is the fastest-growing, largest perp DEX. Equipping it with its native stablecoin (USDH) naturally increases trading volume and OI. • As Ethena increases its issuance, it will be directly connected to Hyperliquid's trading engine. This will create a virtuous cycle of profits and liquidity. • Ultimately, by simultaneously controlling both the stablecoin infrastructure and the derivatives trading engine, Ethena can aim to become a global liquidity standard. This is a leveraged strategy.