Ethena proposes BlackRock-backed stablecoin for Hyperliquid, pledges revenue sharing and institutional support

Daily top performer — Story Protocol (IP)



The S&P 500 edged up 0.27% as markets await inflation data and increasingly price in a potential Fed rate cut. Gold hit a record $3,674 before retreating as US yields and the dollar rose. Weak jobs data boosted Fed rate cut bets, but upcoming inflation data may limit further gains. The Coindesk Indices, which tracks the broader crypto market, rose 0.87%, with Bitcoin down 0.11% and Ether up 0.10%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this link.

Today’s top performer is IP, up 20.2% after Heritage Distilling became the first public company to anchor its reserves in the token, tapping into the AI-driven IP economy.

Story Protocol (IP), founded in 2022, is a Layer 1 blockchain for IP, embedding royalties and attribution on-chain to protect creators and ensure fair compensation, especially in the AI era. Heritage Distilling (Nasdaq: CASK) has adopted an $IP token treasury strategy, becoming the first public company to anchor reserves in a digital asset powering the $80T intellectual property economy. This move aligns with the growing demand for rights-cleared, programmable data in AI, as Story’s $IP token enables automated licensing and monetization of IP assets. Supported by leaders from Google, CoinMarketCap, and a16z-backed ventures, the company offers regulated, equity-based exposure to the programmable IP sector without requiring direct crypto involvement. A public dashboard will provide real-time $IP treasury metrics for investors.



Check out the latest prices, charts, and data of IPUSDT perp and IP/USDT spot contracts!



Talk of the town

Ethena Labs has proposed issuing Hyperliquid’s native stablecoin, USDH, backed by its USDtb token, which is fully collateralized by BlackRock’s tokenized BUIDL fund. The plan would indirectly link USDH to BlackRock’s $14T asset base, while routing most revenue from reserves back into Hyperliquid via its Assistance Fund, validator rewards, and HYPE token buys. The proposal also includes institutional integrations from Anchorage and Securitize at no cost, further signaling Hyperliquid’s growing appeal to major players in crypto and finance.



Check out the latest prices, charts, and data of ENAUSDT perp and ENA/USDT spot contracts!



Bitcoin spot ETF flows





Yesterday, Bitcoin spot ETFs saw a total net outflow of $146.3 million, entirely driven by non-GBTC products, while GBTC recorded no inflows or outflows.



Check out the latest prices, charts, and data of BTCUSDT perp and BTC/USDT spot contracts!



Airdrop to watch

If you’re holding idle SOL or BTC, you can potentially farm two airdrops at once by using Unit to bridge your assets into Hyperliquid, where you can trade UBTC, USOL, or UETH. Hyperliquid is speculated to run a second airdrop, and Unit—already handling billions in volume—might launch a token too. There are no points, referrals, or buzz yet, making this a quiet but promising strategy. Nothing is confirmed, so it’s best suited for those looking to park assets with speculative upside.



Check out the latest prices, charts, and data of HYPEUSDT perp and HYPE/USDT spot contracts!