Ethena withdraws from the Hyperliquid USDH stablecoin issuance bidding

The founder of Ethena announced today the withdrawal from the Hyperliquid USDH stablecoin issuance bid, giving the opportunity to the Native Markets team. After direct communication with the community and validators, Ethena accepted criticism regarding its "non-Hyperliquid native team" and other aspects.

Despite withdrawing from the bid, Ethena stated that it will continue to develop all originally planned products, including the hUSDe native synthetic dollar, USDe-supported savings and card payment products, hedging liquidity on Hyperliquid, and innovative solutions based on the HIP-3 market.