Decentralized finance protocol Ethena (ENA) submitted Tuesday a proposal to issue Hyperliquid's upcoming stablecoin, joining a bidding race that has already attracted a slew of companies like Paxos, Sky, Frax and Agora.

The token would be fully backed by Ethena's USDtb, a stablecoin issued with federally chartered bank Anchorage Digital and fully backed by BUIDL, the tokenized money market fund by asset management giant BlackRock and Securitize.

"We are excited to enable Ethena’s USDtb, which is 100% backed by BUIDL and uniquely positioned to offer institutional grade cash management as well as on-chain liquidity to Hyperliquid users," said Robert Mitchnick, Blackrock's head of digital assets, in the proposal.

If adopted, Ethena pledged that 95% of net revenue from USDH reserves would f

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