Sky Enters Bid for Hyperliquid’s USDH Stablecoin
- Sky, co-founded by Rune Christensen, is the fifth project to propose backing Hyperliquid’s USDH stablecoin.
- The proposal includes a yield of 4.85% on USDH, significantly higher than US Treasury Bill rates.
- Sky plans to contribute $25 million to enhance DeFi growth on Hyperliquid.
- USDH will be customizable and compliant with the GENIUS Act, which restricts yield payments from stablecoins.
- Other bidders include Native Markets, Frax, Paxos, and Agora, with proposals submitted for a native stablecoin.
Sky’s competitive proposal aims to leverage its established reputation in the stablecoin market, with USDS and Dai valued at approximately $12.5 billion combined. The Hyperliquid community will vote on their preferred bid after an upcoming network upgrade.
With a proposed yield of up to 4.85% for USDH, Sky’s bid emphasizes significant financial incentives compared to traditional options like T-Bills.(Source)
