Crypto protocol Sky has entered the bid to support Hyperliquid’s launch of a stablecoin, becoming the fifth project to do so. Sky’s co-founder Rune Christensen promises a customizable token with a yield rivaling US treasury bills. The proposal aims to offer unique advantages and a 4.85% return on all USDH.

Sky’s proposal includes a 4.75% yield for USDS stablecoin holders and native multichain capabilities using LayerZero. Hyperliquid could customize the stablecoin to comply with the GENIUS Act, banning stablecoin issuers from paying yield. Sky also plans to donate $25 million to grow DeFi on Hyperliquid.

Hyperliquid is considering five bids for its stablecoin, with Sky being the latest major crypto project to submit a proposal. Other contenders include Native Markets, Frax, Paxos, and Agora. VanEck CEO appeals to the Hyperliquid community to support his son’s stablecoin bid.

VanEck’s CEO appeals to the Hyperliquid community to support Agora’s stablecoin bid, emphasizing a desire to contribute to the ecosystem. The Hyperliquid validators will vote on the preferred proposal after the network’s next upgrade. The competition for the stablecoin job continues to heat up among various crypto projects.

Read more at CoinTelegraph: Sky Joins Bidding War for Planned Hyperliquid Stablecoin