Ethena’s proposal differentiates itself through institutional partnerships and proposed security infrastructure.
The company plans to establish an elected guardian network of Hyperliquid validators to oversee USDH operations, removing single-issuer control over the stablecoin’s security management.
Beyond basic stablecoin issuance, Ethena outlined plans to launch hUSDe, a Hyperliquid-native variant of its synthetic dollar product, and committed $75 million in incentives to support HIP-3 market development.
The validator-driven selection process requires proposal approval through community governance before proceeding to a gas auction for final deployment rights.
Ethena emphasized its track record managing over $23 billion in tokenized dollar assets and positioned itself as the largest counterparty capable of supporting Hyperliquid’s expansion into equity perpetual swaps through HIP-3 markets.
