Defi

USDH

Sky, formerly known as Maker, has entered the competition to help decentralized perps exchange Hyperliquid launch its native stablecoin USDH.
Co-founder Rune Christensen <a href="https://x.com/RuneKek/status/1965194847855272175" rel="noopener noreferrer nofollow">announced</a> the proposal on Monday, noting that Sky’s backing would give Hyperliquid advantages unmatched by rival bids.
<h2 id="header-0">Sky’s Proposal: Yield, Compliance, and DeFi Growth</h2>
Sky’s plan includes a 4.85% return on USDH balances, higher than U.S. Treasury Bill rates. USDH would also link to Sky’s USDS stablecoin, offering a 4.75% yield and multichain support via LayerZero.
Christensen added that USDH could be adapted for compliance under the <a href="https://cryptosnewss.com/us-genius-act-pressures-tether-ceo-confirms-plans-for-full-compliance/" rel="noopener noreferrer nofollow">GENIUS Act</a>, which restricts stablecoins from paying yield. Additionally, Sky pledged $25 million to grow DeFi on Hyperliquid through exclusive tokens.
<h2 id="header-1">Fifth Major Bid for USDH</h2>
Sky’s bid is the fifth, following proposals from:
<ul>
 <li>Native Markets, backed by Max Fiege and Stripe’s Bridge.</li>
 <li>Frax, the decentralized stablecoin protocol.</li>
 <li>Paxos, a regulated stablecoin issuer.</li>
 <li>Agora, a crypto infrastructure firm backed by MoonPay.</li>
</ul>
<h2 id="header-2">VanEck CEO Steps In</h2>
Jan van Eck, CEO of VanEck and father of Agora’s Nick van Eck, appealed on X for the Hyperliquid community’s support, emphasizing long-term contributions but warning against aggressive bidding tactics.
<h2 id="header-3">What’s Next for USDH?</h2>
Hyperliquid validators will vote on their preferred proposal after the network’s next upgrade. The decision could shape USDH adoption and Hyperliquid’s DeFi future.
The post <a href="https://cryptosnewss.com/sky-enters-hyperliquid-stablecoin-race-with-bold-usdh-proposal/" rel="noopener noreferrer nofollow">Sky Enters Hyperliquid Stablecoin Race With Bold USDH Proposal</a> appeared first on <a href="https://www.google.co.in/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://cryptosnewss.com/&amp;ved=2ahUKEwiB77m-rqCNAxWFcGwGHdyUEXwQFnoECBMQAQ&amp;usg=AOvVaw3LdC3onMwB5PLEXBkcvU5M" rel="noopener noreferrer nofollow">CryptosNewss.com</a>

Sky Enters Hyperliquid Stablecoin Race With Bold USDH Proposal

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