“Formerly Makerdao, Sky Joins Paxos, Frax, Agora and Native Markets in the Fight for Hyperliquid’s Stablecoin Contract.”, – WRITE: www.coindesk.com
Sky, Formerly Known As Makerdao, Submitted A Proposal to Power USDH that Leans on Its $ 8 Billion Balance Sheet, SEVEN-YEAR OPERATING HYSTY Decentralized Finance (Defi) Protocol.
USDH Powered by SkyThe Best Stablecoin Offers SO Much More Yust Astable Medium of Exchange – It Should Also Deliver Highly Efficiency Returns, Genered by Actively Developing, Building and Growing.
By using Sky to Power USDH, The Hyperliquid…
– Rune (@runeKek) September 8, 2025
Hyperliquid, WHICH HANDLED Nearly $ 400 Billion in Trading Volume Last MONTH, HAS INVITED Issuers to Compete for the Right to DEPLY USDH.
The Exchange Holds $ 5.5 Billion in USDC Deposits, Roughly 7.5% of that Stablecoin’s Supple, Making the Contract One of the most Lucrative in Defi. Validtors are set to vote on september 14, with the hyperliquid Foundation Abstaining.
Sky’s Proposal Highlights Features FEW RIVALS CAN MATCH. IT Offers 4.85% Returns on All USDH Held on Hyperliquid, A Rate Above Treasury Bills, with Revenue Earmarked for Hype Buids and The Assistance Fund.
IT ALSO PLEDGES $ 2.2 Billion in Instant Redemption Liquidity Through ITS PEG Stability Module, Giving Institutional Trades Confidentnce they Move in and out at Scale.
Beyond Yield and Liquidity, Sky is Promising EcoSystem Investment. It Proposal Includes A $ 25 Million “Hyperliquid Genesis Star,” Modeled After Spark, A Token Farm Within Sky that have attracked more than $ 1 Billion in TVL.
Sky said this would Bootstrap defi on Hyperliquid and Potentilly Attract Billions in Deposits. The Protocol Also Pledged to Migrate ITS Native Buyback Engine, with More than $ 250 Million in Annual Profits, Onto Hyperliquid.
Other Bidders have framed their offers figrently.
Paxos Pledged 95% of Reserve Earnings to Hype Buacks Alongside A Zero-Fee USDC Migration. FRAX OFFERED A “COMMUNITY-FIRST” WRAPPER MODEL WHERE 100% OF TREASURY YIELD Wuld Flow Directly to USers.
Agora, Backed by State Street, Vaneck, and Moonpay, Promised 100% of Net Revenue Into Hype BuCacks and Stressed Neutrality. Native Markets, Aligrated with Stripe’s Bridge, Has Faced Community Pushback Over Potential Conflicts of Interest Tied to Stripe’s Templockchain and Its Ownership of Wallet.
With Ehena Hinting at Its Own Bid, Validators Face A Crowded Field Who Head to the Virtual Polls in a FEW Days.
The DECISION WILL DETERMINE NOT ONLY HOW USDH IS STRUCTURED, GENIUS-COMPLIANT, USER-YELDING, OR HYPER-Native A defi-Native Upstart, or A Corporate Payments Firm with Blockchain Ambitions.
Total Money Market Fund Assets Increated by $ 52.37 Billion to $ 7.26 Trillion for The Week Ended Sept. 3, accounting to the Investment Company Institute.
- US Money Market Funds Have Reached A Record High of Over $ 7 Trillion, Potentally Setting The Stage for Investments in Riskier Assets Like Cryptocurrencies.
- Analysts Suggest that upcoming Federal Reserve Rate Cuts Could Prompt Investors to Shift Funds from Money Market Accounts Into Equities and Cryptocurrencies.
- The Economic Environment Will Play A Crucial Role in Determining WHETHER INVESTORS CHOOSE TO REDEPLY FUNDS or MAINTAIN Their Money Market Holdings.
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