Ethena Labs has officially withdrawn its proposal to issue Hyperliquid’s USDH stablecoin. Founder Guy Young made the announcement on X, stating that after discussions with the community and validators, the team decided to step aside. His post reflected admiration for the passion of the Hyperliquid community, while recognizing the concerns raised about Ethena’s position. According to Young, several issues drove the decision: Ethena is not a Hyperliquid-native team. The company has broader product lines outside of USDH. Its ambitions extend beyond a single partner exchange. “These are valid and we accept the pushback,” Young wrote. He confirmed Ethena will withdraw
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