Ethena Labs Releases Bid Proposal for USDH Issuance Right
September 10th. As per official channels, Ethena Labs has become a participant in Hyperliquid's USDH stablecoin issuance competition and has submitted a bid for the USDH issuance right.
Ethena Labs declared that in the event of being selected as a USDH issuer, USDH will be fully backed by USDtb issued by Anchorage Digital Bank and be fully collateralized by BlackRock BUIDL. Ethena has pledged to allocate at least 95% of the net income generated from the USDH reserve back to the Hyperliquid community through means such as HYPE buybacks and reward funds. Ethena will bear the expense of USDC migration and plans to introduce a liquidity support mechanism to enhance the depth of USDH in the perpetual contract market.
Ethena has already set aside at least $75 million (consisting of cash and token incentives) to support the HIP-3 front-end development for Ethena-related products (including USDe, hUSDe, and USDH), subject to the approval of this proposal. 50% of the fee revenue generated by
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JPMorgan Chase: Expects Fed to Cut Interest Rates by 25 Basis Points in September
On September 10th, JPMorgan Chase anticipates that the Federal Reserve will reduce interest rates by 25 basis points in September. Despite the uncertainty in the inflation data, it is projected that the year-on-year growth rate of CPI in August will be 2.9%, and the core CPI year-on-year growth rate will remain stable at 3.1%. In the event that the inflation data surpasses expectations, the rate cut might be postponed until October or December. JPMorgan Chase maintains a tactical bullish stance while emphasizing that inflation, employment, and trade risks still pose potential concerns.
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In the past 24 hours, the whole network has seen $380 million in liquidations, with both longs and shorts getting rekt.
On September 10th, based on Coinglass data, within the past 24 hours, there have been liquidations amounting to 380 million USD across the entire network. The long positions have been liquidated at 222 million USD, and the short positions have been liquidated at 158 million USD.
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Native Markets: Intends to collaborate with Bridge to issue USDH, and will maintain technological neutrality if the bid is successful.
On September 10th, the leader of the Hyperion community, Max, stated at the "USDH Stablecoin Roundtable Conference" held at Hyperliquid that when building a stablecoin system, it first needs to be somewhat innovative. Although there are many existing stablecoin solutions, Hyperliquid has a unique ecological positioning. Native Markets and Bridge clearly view USDH as a collaborative project, and the protocol will directly sign with Bridge (as I have emphasized multiple times), believing that necessary safeguards have been put in place. It should be noted that cooperating with licensed companies can also enable access to the infrastructure advantages of the Hyperliquid network - we value this very much, as its value far exceeds the institutional interface itself. Native Markets always maintains technological neutrality and ensures that this principle becomes a core consideration throughout the entire decision-making process.
As the least well-known bidder for USDH, Native Markets' propo
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Bloomberg: Strategy Model Stumbles as Cryptocurrency Treasury Fad Turns Skeptical
On September 10th, as per Bloomberg, among the more than 100 companies that have purchased cryptocurrency for their treasuries, the majority were established this year. Many of these are small companies that underwent overnight rebranding. Nonetheless, the crypto treasury craze has not completely died down, and some companies are still reaping benefits from the speculation wave. The stock price of Eightco Holdings Inc. soared by 3000% on Monday after it announced its plan to purchase Worldcoin and appointed Wall Street analyst Dan Ives to its board of directors.
For some companies, the appeal is evident: Packaging in the form of a publicly traded company can grant exposure to cryptocurrency and potential leveraged gains while leveraging the familiar stock format for investors. In individual cases, this model can still command a substantial premium. However, this approach is becoming overly crowded: Too many companies are jumping on the bandwagon, and apart from holding tokens, they ha
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