{"id":10160,"date":"2025-09-09T06:58:00","date_gmt":"2025-09-09T06:58:00","guid":{"rendered":"https:\/\/bitunikey.com\/news\/sky-makes-bid-to-issue-hyperliquids-usdh-stablecoin\/"},"modified":"2025-09-09T06:58:04","modified_gmt":"2025-09-09T06:58:04","slug":"sky-makes-bid-to-issue-hyperliquids-usdh-stablecoin","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/sky-makes-bid-to-issue-hyperliquids-usdh-stablecoin\/","title":{"rendered":"Sky makes bid to issue Hyperliquid\u2019s USDH stablecoin"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Sky, the decentralized finance protocol formerly known as MakerDAO, has thrown its hat into the ring to issue Hyperliquid\u2019s upcoming stablecoin USDH.<\/p>\n<div id=\"cn-block-summary-block_452d9861ef6380b513cfa99f457c2a7e\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Sky, formerly MakerDAO, has entered the race to issue Hyperliquid\u2019s USDH stablecoin.<\/li>\n<li>Its proposal offers $2.2B in liquidity, a 4.85% yield, and a $25M growth fund.<\/li>\n<li>A validator vote on Sept. 14 will decide the winner among competitors such as Sky, Paxos, Frax, and Agora.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Rune Christensen, the founder of Sky (SKY), revealed the proposal in a detailed Sept. 9 <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/runekek\/status\/1965194847855272175?s=46&amp;t=nznXkss3debX8JIhNzHmzw\" target=\"_blank\" rel=\"nofollow\">post<\/a> on X, presenting Sky as the most experienced and well-resourced contender to shape the stablecoin\u2019s future.<\/p>\n<h2 class=\"wp-block-heading\">Hyperliquid\u2019s stablecoin contest intensifies<\/h2>\n<p>Hyperliquid (HYPE), a decentralized exchange, announced on Sept. 5 that its community would vote on which issuer will manage USDH, its native stablecoin. The competition has already drawn offers from entities such as Paxos, Frax Finance (FRAX), and Agora.<\/p>\n<p>A validator vote will take place on Sept. 14, with proposals due by Sept. 10. The high-stakes process has driven Hyperliquid\u2019s HYPE token to an all-time high of $51.92.<\/p>\n<p>Sky\u2019s entry significantly raises the bar. With more than $8 billion in circulation across its USDS and Dai (DAI) tokens and $13 billion in collateral backing them, the protocol has established itself as one of the most trusted names in DeFi.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">Sky\u2019s proposal for USDH<\/h2>\n<p>According to Christensen, the partnership would equip USDH with $2.2 billion in instant redemption liquidity through Sky\u2019s Peg Stability Module, making it easy to swap into USD Coin (USDC) at scale. The stablecoin would be natively multichain via LayerZero (ZRO), extending Hyperliquid\u2019s reach across blockchains.<\/p>\n<p>Perhaps most strikingly, Sky pledged that all USDH on Hyperliquid would generate a 4.85% yield, higher than U.S. Treasury bills, with the proceeds dedicated to buybacks of the HYPE token.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">USDH powered by Sky<\/p>\n<p>The best stablecoin offers so much more than just a stable medium of exchange \u2013 it should also deliver highly efficient returns, generated by actively developing, building and growing the ecosystem it lives in.<\/p>\n<p>By using Sky to power USDH, the Hyperliquid\u2026<\/p>\n<p>\u2014 Rune (@RuneKek) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/RuneKek\/status\/1965194847855272175?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">September 8, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Beyond immediate liquidity and returns, Sky promised ecosystem growth through a $25 million \u201cHyperliquid Star,\u201d a fund designed to bootstrap new DeFi projects on the exchange and attract billions in total value locked.\u00a0<\/p>\n<p>Risk management was also a centerpiece of the proposal, with Christensen highlighting frameworks modeled on Basel III banking standards and pointing out that Sky is the only stablecoin issuer with an S&amp;P credit rating, currently graded at B-.<\/p>\n<p>The plan also calls for Sky to relocate its buyback engine, responsible for $250 million in annual profits, to Hyperliquid, a move intended to boost liquidity and align the protocol more tightly with the exchange. Christensen stressed that USDH would inherit the same design as DAI and USDS, ensuring transparency and reliability from the start.<\/p>\n<h2 class=\"wp-block-heading\">A competitive race ahead<\/h2>\n<p>Sky is facing stiff competition, with Paxos promising compliance and integrations with popular payment apps, Frax Finance promising to give back all reserve revenue to the community, and Agora positioning itself as a neutral alliance of leading partners.<\/p>\n<p>Still, its offer of deep liquidity, attractive returns, and a proven security track record could resonate strongly with validators.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sky, the decentralized finance protocol formerly known as MakerDAO, has thrown its hat into the ring to issue Hyperliquid\u2019s upcoming stablecoin USDH. Summary Sky, formerly MakerDAO, has entered the race&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/10160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=10160"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/10160\/revisions"}],"predecessor-version":[{"id":10161,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/10160\/revisions\/10161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/10137"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=10160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=10160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=10160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}