Sky joins the competition for USDH stablecoin issuance under Hyperliquid

ChainCatcher news, Sky (formerly MakerDAO) joins the competition for USDH stablecoin issuance under Hyperliquid. Sky co-founder Rune tweeted, "Sky provides the main advantages of USDH for Hyperliquid: USDH will gain instant liquidity of $2.2 billion USDC for off-chain redemption; Sky can deploy its over $8 billion balance sheet to Hyperliquid; all USDH on Hyperliquid can earn a yield of 4.85%, higher than treasury yields, and all 4.85% earnings generated by USDH will be used for the HYPE buyback fund; Sky can provide $25 million in funding to create an independent Hyperliquid Star project, autonomously developing Hyperliquid DeFi; Sky can transfer its buyback system to Hyperliquid, utilizing over $250 million in annual profits to build USDH liquidity."