Ethena Labs Withdraws USDH Issuer Bid Amid Polymarket Traders’ Support for Native Markets
Ethena Labs’ Decision
Ethena Labs has made the strategic decision to formally retract its bid to issue Hyperliquid’s USDH stablecoin. This shift in direction aligns with the increasing preference of Polymarket traders who are throwing their weight behind Native Markets.
Statements from Ethena Labs
In a recent communication shared by Ethena Labs’ founder via an X post, it was clarified that the team has opted to step back from pursuing validator support for Hyperliquid’s USDH. This move signifies a significant development in the cryptocurrency ecosystem.
Conclusion
The shift in Ethena Labs’ stance on the USDH issuer bid in light of the growing advocacy for Native Markets by Polymarket traders represents a pivotal moment in the realm of digital currencies. As this transition unfolds, the dynamics of stablecoin issuance continue to evolve, highlighting the ever-changing landscape of the blockchain industry.