Sky’s Bold Play to Issue Hyperliquid’s USDH Stablecoin: A Game-Changer in DeFi?

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Ah, the audacity, the gall! Sky, a decentralized finance protocol once known as MakerDAO, has decided to make its entrance into the world of stablecoin issuance. It’s like a well-heeled aristocrat entering the street brawl of the century, ready to fight for Hyperliquid’s upcoming USDH. One might say it’s a case of, “Why not throw your hat in the ring when you have billions in your back pocket?”

So here’s the lowdown:

  • Sky, that former MakerDAO entity, is stepping up to the plate to issue Hyperliquid’s USDH stablecoin.
  • Its proposal? A cool $2.2 billion in liquidity, a 4.85% yield, and a $25 million growth fund.
  • But hold your horses! A validator vote on September 14 will determine the winner, with competitors like Paxos, Frax, and Agora in the ring.

Rune Christensen, Sky’s founder, took to X (formerly Twitter-because we all need to be reminded of the constant rebranding), and presented the case for why Sky is the most experienced and well-financed contender in this battle of digital titans. It’s a bit like the Goliath stepping in to knock David out of the way, but with less slingshots and more liquidity.

Hyperliquid’s Stablecoin Contest: Let the Games Begin

On September 5, Hyperliquid (HYPE), that decentralized exchange with aspirations of grandeur, announced its community would vote on which issuer should take the reins of USDH, its prized stablecoin. Paxos, Frax Finance (oh, those familiar faces!), and Agora have all thrown their hats in the ring. No one, it seems, wants to miss out on a slice of this stablecoin pie. So, on September 14, the validators will vote, and the world will hold its breath. Oh, and by the way, the HYPE token has already hit a record high of $51.92. Makes you wonder what all the fuss is about, doesn’t it?

Sky’s proposal, naturally, has cranked up the competition’s level to a delightful new high. With over $8 billion in circulation across USDS and Dai tokens, and collateral backing them worth a staggering $13 billion, Sky has firmly planted itself as one of the most trusted names in DeFi-well, they certainly know how to make an entrance, don’t they?

Sky’s Proposal: The Golden Ticket to USDH

It’s a Bloodbath

Sky isn’t the only player in the game. Paxos, the compliant and well-connected giant, is promising integrations with popular payment apps. Frax Finance, ever the idealist, is offering to give back all reserve revenue to the community. And then there’s Agora, presenting itself as a neutral alliance with top-notch partners.

But, in the end, Sky’s deep liquidity, attractive returns, and track record of security might just be the combination that wins over the validators. They’ve certainly stacked the deck in their favor. Will it be enough to secure the future of USDH? Only time, and a validator vote, will tell.

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2025-09-09 10:08