Wu said that Ethena, the issuer of the Ethereum stablecoin, submitted a proposal to use USDtb, which is supported by BlackRock BUIDL and custodied by Anchorage Digital Bank, as the underlying implementation of Hyperliquid's native stablecoin USDH, with an initial goal of achieving 100% asset backing. Ethena committed to using no less than 95% of the relevant net income for HYPE buybacks or injecting into the HYPE fund, and providing up to $150 million in incentives for the front-end integration of its products.