On September 8th, Ethena Labs, the issuer of the third-largest USD stablecoin USDe, hinted at joining the competition for USDH stablecoin issuance under Hyperliquid. Ethena Labs posted this morning, "Dear Jeff (Hyperliquid co-founder), I wrote to you, but you still didn't call back. I sent two USDH proposals last fall, you must not have received them. Maybe there was a problem with discord or something else, sometimes I write too sloppily when I remember the deployment address."

On September 5th, Hyperliquid announced that it would release the USDH token symbol for stablecoin issuance, requiring institutions to submit proposals by September 10th (Wednesday), and voting will be held on September 14th (Sunday).