PANews reported on October 1 that Guy Young, founder of Ethena Labs, revealed that Ethena is accelerating the layout of the Hyperliquid ecosystem and will cooperate with Liminal to launch a new stablecoin.

The stablecoin will reportedly require a lockup of 1 million HYPE tokens and enjoy the same fee discounts as USDH. Furthermore, it will support the use of assets such as BTC, ETH, and SOL as collateral, while offering returns similar to USDe. Young also revealed that Ethena has invested in Based to jointly advance the HIP-3 joint exchange initiative.