USDE，Ethena Labs和Hyperliquid的USDH：Stablecoin摊牌

Ethena Labs正在争夺Hyperliquid的USDH Stablecoin，这引发了主要参与者的比赛，以利用大量的流动性基础。这是内部勺子。

USDe, Ethena Labs, and Hyperliquid's USDH: A Stablecoin Showdown

USDE，Ethena Labs和Hyperliquid的USDH：Stablecoin摊牌

The world of stablecoins is heating up! Ethena Labs, known for its fast-growing USDe, is making a play for Hyperliquid’s upcoming USDH stablecoin. This move has put Ethena in a head-to-head competition with industry giants, all vying for a piece of Hyperliquid's lucrative pie.

Stablecoins的世界正在加热！以其快速增长的USDE而闻名的Ethena Labs正在为Hyperliquid即将推出的USDH Stablecoin发挥作用。这一举动使埃塞纳（Ethena）与行业巨头（Ethena）进行了面对面的竞争，所有这些都争夺一块超流利的利润丰厚的派。

Ethena's Bold Bid for USDH

Ethena大胆竞标USDH

Ethena isn't just dipping its toes; it's diving in headfirst. They've partnered with BlackRock’s BUIDL fund through USDtb to strengthen their position. Hyperliquid, a leading decentralized exchange, is preparing to launch USDH as its native stablecoin. With Hyperliquid processing around $400 billion in monthly perpetuals trading volume and boasting a stablecoin market cap exceeding $5.7 billion, the stakes are incredibly high. Securing the mandate to issue USDH would grant access to one of the largest stablecoin liquidity pools in the market, and Ethena is clearly determined to win.

乙烯不仅仅是俯冲脚趾。它首先跳水。他们通过USDTB与BlackRock的Buidl Fund合作，以加强其职位。高流动性是一种领先的分散交易所，正准备推出USDH作为本地Stablecoin。随着超流动性处理约4000亿美元的每月永久交易量，并拥有超过57亿美元的Stablecoin市值，赌注非常高。确保发行USDH的任务将授予市场上最大的Stablecoin流动性池之一的访问权限，而Ethena明确决心赢得胜利。

What Ethena is Bringing to the Table

Ethena带来什么

Ethena is offering Hyperliquid validators and its community an appealing package. Key to their proposal is a commitment to redirect 95% of net USDH reserve revenues back into the ecosystem. This would be achieved through purchasing and distributing HYPE tokens, providing validator rewards, and funding ecosystem development. Ethena has also pledged to cover the costs of migrating existing USDC trading pairs to USDH, sweetening the deal even further.

Ethena为超流动验证者及其社区提供了一个吸引人的包装。他们的提议的关键是将95％的USDH储备金收入重新定向到生态系统中。这将通过购买和分发炒作代币，提供验证者的奖励以及资金生态系统开发来实现。 Ethena还承诺要支付将现有的USDC交易对迁移到USDH的成本，从而进一步增添了交易。

Security is also a major focus. Ethena plans to introduce a guardian network of Hyperliquid validators, including infrastructure partners like LayerZero, to oversee USDH operations. This aims to prevent a single point of failure and ensure transparent governance of the new stablecoin. They also have plans for hUSDe, a Hyperliquid-native synthetic dollar product building on its existing USDe model, backed by a potential $150 million in incentives.

安全也是主要重点。 Ethena计划引入一个超流利验证器的监护人网络，包括诸如lyezero之类的基础结构合作伙伴，以监督USDH操作。这旨在防止单点失败并确保新Stablecoin的透明治理。他们还制定了Husde的计划，Husde是一款在其现有USDE型号上的超流动性合成美元产品建设，并获得了潜在的1.5亿美元的激励措施。

The Competition is Fierce

比赛很激烈

Ethena faces stiff competition. Paxos, known for its regulated custodial model, is pitching itself as the most compliant option. Frax has proposed integrating its algorithmic stablecoin model. Other players like Sky, Native Markets, and Agora are also in the mix, each offering a unique approach to transparency, scalability, and user adoption.

Ethena面临激烈的竞争。 Paxos以其受管制的监管模型而闻名，它是最合规的选择。 Frax提出了整合其算法稳定模型。 Sky，Anter Markets和Agora等其他玩家也参与其中，每个玩家都提供了独特的透明度，可扩展性和用户采用的方法。

Binance and the Rise of Ethena (ENA)

Binance和Ethena的兴起（ENA）

Adding fuel to the fire, Binance listed Ethena's USDe, causing ENA, Ethena’s governance token, to surge. Arthur Hayes, BitMEX co-founder, even suggested this listing could trigger a massive $500 million buyback for ENA. Binance now offers USDE/USDC and USDE/USDT trading pairs, highlighting USDe’s impressive growth to over $12 billion in circulating supply.

Binance为大火增加了燃料，列出了Ethena的USDE，导致Ena，Ethena的治理令牌激增。 Bitmex联合创始人Arthur Hayes甚至建议此清单可能会引发ENA的5亿美元回购。 Binance现在提供USDE/USDC和USDE/USDT交易对，强调了USD的令人印象深刻的增长，达到超过120亿美元的循环供应。

The Bigger Picture

更大的图片

Hyperliquid’s validators will decide the outcome. This decision will significantly impact Hyperliquid's growth trajectory. For Ethena, winning this mandate could solidify its position as a major player in the stablecoin market. Hyperliquid is also planning fee cuts to boost spot trading alongside the USDH launch. This is a coordinated effort to enhance liquidity and decentralization.

Hyperliquid的验证者将决定结果。该决定将显着影响超流动性的生长轨迹。对于Ethena而言，赢得这项任务可以巩固其作为Stablecoin市场中主要参与者的地位。 Hyperliquid还计划削减费用，以在USDH发布并促进现货交易。这是提高流动性和权力下放的协调努力。

Ultimately, the rise of USDe and the competition to issue USDH underscore the growing demand for innovative stablecoin solutions. As these platforms evolve, they will likely reshape the landscape of decentralized finance and offer new opportunities for users and developers alike.

最终，USDE的兴起和发行USDH的竞争强调了对创新的Stablecoin解决方案的需求不断增长。随着这些平台的发展，它们可能会重塑分散财务的景观，并为用户和开发人员提供新的机会。

Final Thoughts

最后的想法

The stablecoin wars are just beginning! It's exciting to watch these companies battle it out for dominance. Who will win? Only time will tell, but one thing's for sure: it's going to be a wild ride!

Stablecoin战争才刚刚开始！看到这些公司争夺主导地位真是令人兴奋。谁会赢？只有时间会说明，但是可以肯定的是：这将是一个疯狂的旅程！