Arthur Hayes, co-founder of Maelstrom, has made nearly $1 million in Ethena (ENA) token purchases this week ahead of Hyperliquid’s critical USDH stablecoin vote. According to Arkham Intelligence, Hayes bought 578,956 ENA worth about $473,000 on Wednesday, following two earlier purchases totaling $521,000.
Hyperliquid validators are set to decide on Sunday which project will control the USDH ticker. Ethena’s proposal, backed by BlackRock, involves collateralizing USDH with its USDtb stablecoin via the BUIDL fund. The proposal pledges 95% of revenues to Hyperliquid while covering costs for shifting trading pairs from USDC.
Analysts suggest Hayes’ buy is more about personal positioning than influencing the vote. Still, Ethena is considered a strong contender, with over $13 billion in USDe market cap and $23 billion processed in cumulative mints and redemptions without downtime. With Hayes’ backing and institutional support, Ethena’s role in shaping Hyperliquid’s stablecoin ecosystem could prove significant.
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