Ethena has entered the bidding process for Hyperliquid's native stablecoin. mirror.xyz/0xF99d0E4E3435cc9C9... What's unique about Ethena is that the USDH it will support is a stablecoin fully collateralized by USDtb, making it compliant with the Genius Act. Furthermore, it will be backed by major Tradifi players like BlackRock's Biddle, Anchorage, and Securitize. Ethena plans to support not only USDH but also USDE-margined futures contracts, hUSDE, and the expansion of growth within the Hyperliquid ecosystem. I'm against Ethena, so I hope Ethena wins this competition. If Ethena takes over the native stablecoin operations of MegaEther and Hyperliquid, I anticipate that Ethena will establish itself as a standard for WEB3 stablecoins and grow into a different class of stablecoins.