Ethena’s Bold Move: Issuing Hyperliquid’s USDH Stablecoin with Anchorage and Blackrock Backing
Stablecoin wars heat up as Ethena partners with institutional heavyweights to launch USDH—backed by Anchorage's custody and Blackrock's treasury assets.
Hyperliquid's new stablecoin enters an already crowded field, but with serious institutional muscle behind it. Anchorage Digital brings regulated custody solutions while Blackrock's involvement signals mainstream acceptance—or at least hedging their bets on crypto's future.
The move challenges established players like Tether and USDC, offering what Ethena claims is superior transparency and institutional-grade backing. Because what crypto really needed was another stablecoin backed by traditional finance giants—just in case decentralization doesn't work out.
Watch this space: if USDH gains traction, it could reshape how institutions interact with DeFi protocols. Or it might just become another line item on Blackrock's balance sheet when they eventually acquire the whole space anyway.
Anchoring USDH to institutional partners
Under the plan, USDH would launch fully backed by USDtb, which Ethena says is the only stablecoin BlackRock has approved for collateralization in BUIDL. Anchorage, the first OCC-chartered crypto bank in the U.S., would serve as issuer and custodian.
Ethena also secured public support from partners. Robert Mitchnick, head of digital assets at BlackRock, called USDtb “uniquely positioned to offer institutional-grade cash management as well as on-chain liquidity.” Anchorage CEO Nathan McCauley added that the arrangement would provide Hyperliquid with “a sovereign stablecoin that helps the ecosystem grow.”
To align incentives, Ethena pledged to direct at least 95% of net revenues from USDH reserves back to the Hyperliquid community. That includes contributions to the Assistance Fund and Hyperliquid (HYPE) token buybacks, with the option of distributing yield directly to staked validators in a later governance vote.
Security and Hyperliquid ecosystem growth fund
Ethena’s proposal places strong emphasis on security, citing concerns that a mismanaged stablecoin could pose systemic risks to Hyperliquid’s markets, where stable assets back every perpetual trading pair.
To mitigate this, the team suggested governance by an elected guardian network of validators, potentially including LayerZero (ZRO), with authority to freeze or reissue tokens during crises.
Beyond stablecoin issuance, Ethena pledged to invest at least $75 million in incentives to grow Hyperliquid’s HIP-3 front-ends and support new products such as hUSDe, a Hyperliquid-native derivative of Ethena USDe (USDE).
The firm said its existing $13 billion USDe balance sheet could be deployed to stabilize liquidity across Hyperliquid’s markets, reinforcing its claim of being the most capable partner to scale USDH to multi-billion supply.
With over $5 billion in USD Coin (USDC) currently circulating on Hyperliquid, the decision over who will issue USDH could shape the exchange’s risk profile for years. Ethena, already behind USDe, the third-largest crypto dollar, presents its candidacy as both a safe and ambitious option.
