tl;dr
Arthur Hayes, co-founder of Maelstrom, has purchased a significant amount of Ethena’s ENA tokens, totaling around $995,000, in a 48-hour period, raising speculation about his intentions ahead of Hyperliquid validators’ vote on USDH stablecoin control. Ethena, backed by BlackRock, proposes using US...
Arthur Hayes, co-founder of crypto investment fund Maelstrom, has made a bold move in the high-stakes race for control of the USDH stablecoin ticker, buying a significant chunk of Ethena’s ENA token in a 48-hour window. The purchases, totaling around $995,000 worth of tokens, have sparked speculation about Hayes’ intentions as Hyperliquid validators prepare to cast their votes on Sunday—a pivotal moment that could reshape the stablecoin landscape.
Hayes’ actions come as Ethena positions itself as a formidable contender in the USDH battle, a competition that has drawn major players from finance and crypto. His latest buys include 578,956 ENA tokens valued at roughly $473,000 on Wednesday, adding to earlier purchases totaling about $521,000. According to Arkham Intelligence, the 48-hour accumulation underscores Hayes’ growing interest in Ethena, even as experts debate whether his moves signal personal positioning or a broader endorsement of the project.
Ethena’s proposal, backed by BlackRock, hinges on its USDtb stablecoin being used to collateralize USDH through the BUIDL fund. The plan pledges 95% of revenue to Hyperliquid and covers costs for transitioning trading pairs from USDC, a move that has drawn praise from FalconX’s David Lawant. He called Ethena’s bid “a strong contender from one of crypto’s fastest-growing ecosystems,” citing its $13 billion USDe market cap and $23 billion in cumulative mints and redemptions without security incidents.
Yet, not everyone sees Hayes’ purchases as a clear endorsement. Kirby Ong of HypurrCollective, a grassroots collective within the Hyperliquid ecosystem, suggested the buys might reflect personal strategy rather than a direct push for Ethena’s USDH bid. “The deciding factors will likely come down to validator alignments with their current stakers and whether prediction market sentiment translates into actual on-chain votes,” Ong said, highlighting the complex interplay of interests at play.
The USDH race has drawn a roster of heavyweights, each with distinct proposals. Paxos, backed by PayPal, revised its plan to emphasize a larger share of reserve yield for Hyperliquid’s Assistance Fund and delay issuer takeovers until the product scales past $1 billion. Meanwhile, Paxos announced a partnership with Kraken to list USDH and HYPE from day one, pending standard reviews—a move that could bolster its appeal.
Native Markets, another major player, is pushing a GENIUS-compliant USDH managed through Bridge, Stripe’s stablecoin issuer, with reserves in cash and Treasuries overseen by BlackRock off-chain and Superstate on-chain. Its proposal splits yield evenly between Hyperliquid’s Assistance Fund and ecosystem growth, while promising a HyperEVM launch for seamless interoperability.
Other contenders include Sky, the issuer of USDS (formerly MakerDAO’s DAI), Frax Finance with a bank-partnered bid, and Agora, which has criticized Native Markets’ reliance on Stripe-owned Bridge but pledged to channel all net revenue back into Hyperliquid.
As the clock ticks toward Sunday’s vote, the outcome hinges on trust and perceived long-term value. Ong noted that while prediction markets set expectations, validator support ultimately determines the valid candidates. “Anyone can influence the direction of USDH by staking their weight and delegating to the validator that best matches their vote,” he said.
The stakes are monumental. Control of the USDH ticker could redefine stablecoin standards, influencing liquidity, innovation, and regulatory frameworks in the crypto space. Whether Ethena, Paxos, Native Markets, or another contender emerges victorious, the decision will shape the future of stablecoins—and the broader ecosystem. For now, the crypto world waits, watching closely as validators prepare to cast their votes.