Sky joins the competition for the issuance rights of the USDH stablecoin under Hyperliquid.

On September 9, Sky (formerly MakerDAO) joined the competition for USDH stablecoin issuance under Hyperliquid. Rune, co-founder of Sky, stated in a post on the X platform: "Sky provides the main advantages of USDH for Hyperliquid: · USDH will receive instant liquidity of $2.2 billion USDC for off-chain redemption; · Sky can deploy its over $8 billion balance sheet to Hyperliquid; · All USDH on Hyperliquid can earn a yield of 4.85%, higher than treasury yields, and all 4.85% earnings generated by USDH will be used for the HYPE buyback fund; · Sky can provide $25 million in funding to create an independent Hyperliquid Star project to autonomously develop Hyperliquid DeFi; · Sky can transfer its buyback system to Hyperliquid, using over $250 million in annual profits to build USDH liquidity."

HYPE8.57%
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