PANews reported on September 12th that Ethena Labs has withdrawn from the bidding for the Hyperliquid stablecoin USDH. Founder Guy Young stated that previous discussions with validators and community members raised questions about the Ethena team's position within the Hyperliquid ecosystem, including its non-native status, its product scope beyond USDH, and its broader goals beyond partnering with a single exchange. Based on this feedback, Ethena has decided not to compete and has withdrawn. He also congratulated the Native Markets team on their success in winning community support.

In the future, Ethena Labs will continue to focus on developing innovative products, including native synthetic USD hUSDe, USDe-backed savings and card payment products, hedging liquidity solutions on Hyperliquid, as well as reward trading collateral based on HIP-3 market design, modular brokerage services and stock perpetual contracts.

According to previous news, the Hyper Foundation: Voting for the issuance rights of the stablecoin USDH will begin on September 14, and will be conducted on the chain and based on staking .