Arthur Hayes buys $1M in ENA ahead of Hyperliquid USDH vote
Arthur Hayes, co-founder of Maelstrom’s crypto investment fund, has purchased nearly $1 million worth of Ethena’s ENA tokens just days before Hyperliquid validators are set to vote on the assignment of the USDH stablecoin ticker.
Data from Arkham shows Hayes accumulated 1.22 million ENA tokens in two days across multiple tranches, including 578,956 ENA ($473,000) on September 11 and an earlier tranche of 672,800 ENA ($521,000), reports Cryptopolitan.
This week’s buys bring Hayes’ total ENA accumulation to approximately 1.22 million tokens valued at $995,000, extending his earlier July purchase of 2.16 million ENA that coincided with a 16% price rally.
Ethena’s proposal to back USDH with USDtb
Ethena is among several contenders vying for the USDH designation, with its proposal centered on using its USDtb stablecoin, validated through BlackRock’s BUIDL fund. Ethena has pledged 95% of revenue to Hyperliquid to help cover the costs of shifting trading pairs away from USDC. Analysts view the bid as one of the strongest: FalconX’s David Lawant highlighted Ethena’s scale, citing its $5.39 billion market cap and $11.73 billion FDV, compared to Hyperliquid’s $18.48 billion market cap.
However, critics like HypurrCollective’s Kirby Ong argue that Hayes’ personal ENA purchases should not be conflated with direct support for Ethena’s USDH candidacy, stressing that the final outcome will depend on validator alignment and perceived ecosystem value.
Competitive landscape for USDH stablecoin
Other major players have submitted proposals ahead of the September 14 validator vote. Paxos, backed by PayPal, revised its proposal to pledge a greater share of reserve yield to Hyperliquid’s Assistance Fund and noted it had secured a listing offer from Kraken for both USDH and HYPE. Native Markets submitted a GENIUS-compliant model with reserves in cash and Treasuries managed via BlackRock and Superstate, proposing a 50/50 split between Hyperliquid’s Assistance Fund and ecosystem growth. Sky, Frax Finance, and Agora have also entered the race, with Agora promising to funnel all net revenue into the Hyperliquid ecosystem.
Recently we wrote that Hyperliquid, the decentralized exchange and Layer-1 blockchain, has set September 14 as the date for a key governance vote to determine which team will be granted the USDH ticker to issue a native stablecoin on its network.
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