The issuer of the third-largest USD stablecoin, USDe, Ethena Labs, hinted at joining the competition for the stablecoin issuance rights under Hyperliquid's USDH. Ethena Labs indicated this morning, "Dear Jeff (Hyperliquid Co-Founder), I wrote you a letter, but you still haven't responded. I submitted two USDH proposals last fall, which you definitely didn't receive. It could be an issue with Discord or something else; sometimes I write the deployment address too sloppily."

On September 5th, Hyperliquid announced that it would release the USDH token symbol for stablecoin issuance, and requested all institutions to submit proposals by September 10th (Wednesday), with voting scheduled for September 14th (Sunday).