Ethena exits the USDH stablecoin issuance bidding for Hyperliquid.

[Ethena Exits Hyperliquid's USDH Stablecoin Issuance Bid] Ethena Labs decided to withdraw from Hyperliquid's USDH stablecoin issuance competition after realizing the community's concerns about its identification as a non-native team. According to Ethena founder Guy Young's post on X on September 11, this decision was made after direct communication with validators and delegates, who raised questions about Ethena's focus and fit within the Hyperliquid (HYPE) ecosystem. Young pointed out in a statement that the Hyperliquid community has three main concerns: the lack of local connections between Ethena and the exchange, its product ambitions exceeding USDH, and its growth strategy not being fully aligned with the Hyperliquid ecosystem. "Congratulations to the Native Markets team, you truly deserve it," Young praised the supported bidding proposal. He added that Hyperliquid's governance process demonstrates that small, community-driven projects can succeed regardless of their background or financial support.