According to Odaily Planet Daily, Sky (formerly MakerDAO) has joined the competition for the issuance rights of Hyperliquid's USDH stablecoin. Sky co-founder Rune posted on the X platform:

Sky provides Hyperliquid with key advantages in providing USDH:

USDH will receive $2.2 billion of USDC’s immediate liquidity for off-chain redemption;

Sky can deploy its $8 billion+ balance sheet to Hyperliquid;

All USDH on Hyperliquid can obtain a 4.85% yield, which is higher than the yield of government bonds. The 4.85% income generated by all USDH will be used for the HYPE repurchase fund;

Sky can provide $25 million in funding to create an independent Hyperliquid Star project and independently develop Hyperliquid DeFi;

Sky can transfer its repo system to Hyperliquid and use its annual profits of over $250 million to build USDH liquidity.