Sky backs Hyperliquid's USDH stablecoin with its $10B balance sheet

Crypto giant Sky has jumped into the race to launch Hyperliquid's USDH stablecoin. Bold move. Their plan? Offer strong liquidity, cross-chain access, and steady returns for the Hyperliquid crowd. Sky's throwing its weight around—a $10 billion balance sheet, eight years of security know-how, and that S&P credit rating they're so proud of. They want USDH to set the bar in stablecoin land.

Sky Frontier Foundation says they'll plug USDH into Sky's existing stablecoin setup with DAI and USDS. Direct connection to Hyperliquid's trading system included. They're big on transparency, verifiable collateral, and risk management that borrows from traditional banking. Seems like they've got a solid playbook.

Sky's stablecoin muscle flexing for Hyperliquid

Sky (the outfit formerly called MakerDAO) has over $10 billion of their USDS coins out there. Behind that? Around $16 billion in collateral—crypto stuff and boring-but-safe things like U.S. Treasury bonds.

The plan is integration. Sky Frontier wants to connect with Hyperliquid through this new USDH stablecoin. If approved, USDH gets the same treatment as Sky's other coins. Those coins have survived eight years without burning holders, even when markets crashed. Kind of impressive, actually.

USDH will tap into Sky's Peg Stability Module. Big words for a $3.1 billion USDC pool. Users can cash out USDH instantly. No waiting. No slippage. That much liquidity makes people feel safe.

The coin will work across multiple blockchains using LayerZero tech. No third-party apps needed. Clean design. Secure connections between ecosystems.

Hold USDH, earn 5.25%. Not bad. Better than Treasury bills right now. Sky makes over $300 million yearly in profits and uses some to buy back SKY tokens. Supports the value. Keeps investors happy. Now they want to move this buyback action to Hyperliquid. More trading for SKY tokens there.

Hyperliquid growing with USDH

Sky's putting $25 million toward something called "Hyperliquid Genesis Star." Follows the pattern of Spark and Grove—two big projects already in Sky's network managing $7.5 billion in collateral.

The Hyperliquid community gets some control too. They can tweak important settings like what backs USDH and how risk gets managed. Not total freedom, but not bad.

Eight years of history helps. Sky's track record should make people trust USDH more. They're the only stablecoin issuer with an official S&P Global rating—got a B in September 2025. Not investment-grade, sure. But getting rated at all? That's something. Shows they're transparent enough for traditional finance people to evaluate them.

This partnership brings to mind: "The sky is only a beginning, not an end, for those who dream." Fits what Sky and Hyperliquid are trying to do—reach high in the stablecoin world while taking steady steps. Like they say, "Aim for the sky, but move slowly, enjoying every step along the way."