According to Internet reports, Ethena Labs announced on Tuesday that it would join the USDH campaign, expressing its intention to become the issuer of Hyperliquid stablecoin. Currently, this decentralized exchange and first-tier network rely mainly on Circle's USDC and Tether's USDT0, but the Hyperliquid community is soliciting a stablecoin proposal that is "highly compatible with Hyperliquid" as an alternative. Paxos, the issuer of stablecoins, and WLFI, backed by U.S. President Donald Trump, have submitted proposals. Ethena's proposal emphasizes that its support will also combine the strength of partners. Ethena demonstrated partnerships with Anchorage Digital, a federally chartered digital asset bank, and Securitize, a real asset tokenization company backed by BlackRock. Anchorage is responsible for issuing Ethena's USDtb stablecoin, which is backed by BlackRock's tokenization fund BUIDL. Robert Mitchnick, head of digital assets at BlackRock, said in the proposal: "We are excited to have Ethena's USDtb connected to Hyperliquid. USDtb is 100% supported by BUIDL and provides institutional cash management and on-chain liquidity to Hyperliquid users." Under Ethena's proposal, USDH would be initially backed by USDtb, indirectly supported by the US$14 trillion asset management giant BlackRock BUIDL Fund. At least 95% of the proceeds generated by USDH reserves will be allocated to Hyperliquid's "aid fund" and used to repurchase HYPE tokens and distribution to verifiers.