Arthur Hayes Invests $995,000 in Ethena as USDH Vote Approaches

Key Highlights Hayes buys 1.25M Ethena tokens ahead of USDH ￰0￱ backed by BlackRock positions itself as a key ￰1￱ Markets still favored, but competition is heating ￰2￱ Hayes Invests in Ethena Ahead of USDH Vote Arthur Hayes, co-founder of Maelstrom Investment Fund, purchased roughly $995,000 worth of Ethena (ENA) tokens, according to Arkham ￰3￱ purchases occurred within two days of a pivotal Hyperliquid validator vote on the USDH ￰4￱ first acquired $521,000 worth on September 8, 2025, followed by $473,000 for 578,956 ENA on September 10, bringing his total to over 1.25 million ￰5￱ Hyperliquid team announced the launch of USDH on September 5, ￰6￱ is a leading candidate for the USDH ticker, with a proposal backed by ￰7￱ plan involves using the USDtb stablecoin as collateral through BlackRock's BUIDL fund, directing 95% of proceeds to Hyperliquid, and covering migration costs from USDC trading ￰8￱ Lavandt, head of research at FalconX, noted , “Ethena’s offering represents a significant initiative from one of the most dynamic ecosystems in crypto.” USDe capitalization exceeds $13 billion, with $23 billion processed in redemptions and buybacks without failures or security ￰9￱ observers caution that Hayes’ purchases may be personal positioning rather than direct support for USDH ￰10￱ Ong, founder of HypurrCollective, stated , “The deciding factors will be whether validators align with stakers and whether market predictions translate into real on-chain votes.” USDH Competition and Upcoming Decisions Native Markets currently holds a 90% chance of winning, according to Myriad Markets.

PayPal-backed Paxos Labs submitted an updated proposal, promising most profits to Hyperliquid and agreements with Kraken to list USDH and HYPE on day ￰11￱ competitors include Sky (USDS, formerly DAI), Frax Finance, and Agora, which warned about risks from Native Markets’ reliance on Stripe but committed to returning profits fully to ￰12￱ also plans to prepare a spot Hyperliquid ETF, potentially expanding mainstream ￰13￱ final outcome will depend on which team demonstrates credibility and long-term value to the ecosystem.