Key Highlights
- Hayes buys 1.25M Ethena tokens ahead of USDH vote.
- Ethena backed by BlackRock positions itself as a key contender.
- Native Markets still favored, but competition is heating up.
Arthur Hayes Invests in Ethena Ahead of USDH Vote
Arthur Hayes, co-founder of Maelstrom Investment Fund, purchased roughly $995,000 worth of Ethena (ENA) tokens, according to Arkham Intelligence.
The purchases occurred within two days of a pivotal Hyperliquid validator vote on the USDH stablecoin. Hayes first acquired $521,000 worth on September 8, 2025, followed by $473,000 for 578,956 ENA on September 10, bringing his total to over 1.25 million ENA.
The Hyperliquid team announced the launch of USDH on September 5, 2025. Ethena is a leading candidate for the USDH ticker, with a proposal backed by BlackRock. The plan involves using the USDtb stablecoin as collateral through BlackRock's BUIDL fund, directing 95% of proceeds to Hyperliquid, and covering migration costs from USDC trading pairs.
David Lavandt, head of research at FalconX, noted, “Ethena’s offering represents a significant initiative from one of the most dynamic ecosystems in crypto.” USDe capitalization exceeds $13 billion, with $23 billion processed in redemptions and buybacks without failures or security issues.
Market observers caution that Hayes’ purchases may be personal positioning rather than direct support for USDH votes.
Kirby Ong, founder of HypurrCollective, stated, “The deciding factors will be whether validators align with stakers and whether market predictions translate into real on-chain votes.”
USDH Competition and Upcoming Decisions
Native Markets currently holds a 90% chance of winning, according to Myriad Markets. PayPal-backed Paxos Labs submitted an updated proposal, promising most profits to Hyperliquid and agreements with Kraken to list USDH and HYPE on day one.
Other competitors include Sky (USDS, formerly DAI), Frax Finance, and Agora, which warned about risks from Native Markets’ reliance on Stripe but committed to returning profits fully to Hyperliquid.
VanEck also plans to prepare a spot Hyperliquid ETF, potentially expanding mainstream adoption. The final outcome will depend on which team demonstrates credibility and long-term value to the ecosystem.
