Ethena withdraws from Hyperliquid's USDH stablecoin issuance bid

Jinse Finance reported that Ethena Labs, after realizing the community's concerns about its status as a non-local team, has decided to withdraw from Hyperliquid's USDH stablecoin issuance competition. According to a post by Ethena founder Guy Young on X on September 11, this decision was made after direct communication with validators and delegators, who raised questions about Ethena's focus and its alignment with the Hyperliquid (HYPE) ecosystem. In his statement, Young pointed out that the Hyperliquid community had three main concerns: Ethena's lack of local ties with the exchange, its product ambitions going beyond USDH, and its growth strategy not being fully aligned with the Hyperliquid ecosystem. "Congratulations to the Native Markets team, you truly deserve it," Young praised the winning bid. He added that Hyperliquid's governance process demonstrates that small, community-driven projects can succeed regardless of background or financial backing.