USDe issuer Ethena seeks USDH issuance rights.

A challenge from the third-largest stablecoin operator… Hyperliquid's final decision on the 14th.

Ethena Labs, the issuer of the third-largest dollar stablecoin, USDe, appears poised to join the race for Hyperliquid's USDH stablecoin issuance rights.

Today, Ethena Labs sent a message to Hyperliquid co-founder Jeff through their official SNS, saying, "We submitted USDH proposals twice last fall, but it seems they were not delivered due to issues with Discord."

This is interpreted as a response to Hyperliquid's announcement on the 5th that it would open the USDH token symbol for stablecoin issuance, and that Ethena Labs is showing a strong will to secure the right to issue USDH stablecoins.

USDH is a new stablecoin in the Hyperliquid ecosystem. Hyperliquid will accept proposals from various institutions until the 10th, and a vote will be held on the 14th. The final operator will be selected through this issuance rights competition, and with the participation of the third-largest stablecoin operator in the market, competition for USDH issuance rights is expected to intensify.

Meanwhile, Ethena's governance token, ENA, is trading at $0.74 (KRW 1,038), up 1% from the previous day's closing price as of 10:30 AM today. On the daily chart, Ethena is currently facing two key resistance levels: the "black" level of $0.76 (KRW 1,061) and the "orange" level of $0.85 (KRW 1,187). Of these, $0.76 is the primary resistance level, and stable settlement above this price range is a top priority.

Joohoon Choi joohoon@blockstreet.co.kr