The battle over who will issue Hyperliquid’s native stablecoin, USDH, has a new heavyweight entrant.

Sky, formerly known as MakerDAO, submitted a proposal to power USDH that leans on its $8 billion balance sheet, seven-year operating history, and a B- S&P credit rating – the first ever issued to a decentralized finance (DeFi) protocol.

Hyperliquid, which handled nearly $400 billion in trading volume last month, has invited issuers to compete for the right to deploy USDH.

The exchange holds $5.5 billion in USDC deposits, roughly 7.5% of that stablecoin’s supply, making the contract one of the most lucrative in DeFi. Validators are set to vote on September 14, with the Hyperliquid Foundation abstaining.

Sky’s proposal highlights features few rivals can match. It offers 4.85% returns on a

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