{"id":9913,"date":"2025-09-13T11:00:31","date_gmt":"2025-09-13T11:00:31","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=9913"},"modified":"2025-09-12T15:41:23","modified_gmt":"2025-09-12T15:41:23","slug":"ethena-labs-abandonne-stablecoin-usdh","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/","title":{"rendered":"Ethena Labs abandonne la course au stablecoin USDH d\u2019Hyperliquid"},"content":{"rendered":"<h2>Un retrait sous pression communautaire<\/h2>\n<p>L\u2019histoire s\u2019\u00e9crit vite dans la finance d\u00e9centralis\u00e9e, et Ethena l\u2019a compris. Apr\u00e8s des semaines de d\u00e9bats houleux, les doutes accumul\u00e9s ont fini par peser.<\/p>\n<p>Trois reproches revenaient sans cesse\u00a0: <strong>l\u2019\u00e9quipe n\u2019est pas native d\u2019Hyperliquid<\/strong>, elle d\u00e9veloppe d\u00e9j\u00e0 d\u2019autres produits ailleurs, et ses ambitions vont au-del\u00e0 du profil d\u2019\u00e9metteur de stablecoins.<\/p>\n<p>Plut\u00f4t que de forcer le passage, <strong>Guy Young<\/strong> a pr\u00e9f\u00e9r\u00e9 reculer. Dans son communiqu\u00e9, il f\u00e9licite ses rivaux et salue le processus d\u00e9mocratique qui caract\u00e9rise <strong>Hyperliquid<\/strong>\u00a0: un mod\u00e8le o\u00f9 les votes des validateurs et de la communaut\u00e9 tranchent, sans favoritisme. D\u2019ailleurs, ce retrait, loin d\u2019\u00eatre une d\u00e9faite s\u00e8che, ressemble \u00e0 un repositionnement calcul\u00e9.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The last few days have been incredible to witness. I&#39;ve never seen a community rally around and engage with passion like this before.<\/p>\n<p>Following direct discussions with individuals in the community and validators we have taken onboard some of the concerns, namely:<\/p>\n<p>-Ethena is not\u2026<\/p>\n<p>&mdash; G | Ethena (@gdog97_) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/gdog97_\/status\/1966137801650614362?ref_src=twsrc%5Etfw\">September 11, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>L\u2019enjeu\u00a0: un march\u00e9 \u00e0 5,5 milliards de dollars<\/h2>\n<p>Si la tension est si forte, c\u2019est que le jeu en vaut la chandelle. L\u2019USDH, une fois lanc\u00e9, pourrait capter une part d\u2019un march\u00e9 estim\u00e9 \u00e0 <strong>5,5 milliards de dollars<\/strong>, jusque-l\u00e0 domin\u00e9 par l\u2019USDC de Circle. Rien que sur les revenus li\u00e9s aux r\u00e9serves, pr\u00e8s de <strong>200 millions de dollars par an<\/strong> sont en jeu.<\/p>\n<p>Ethena avait pourtant mis le paquet. Son projet reposait sur un adossement solide \u00e0 <strong>USDtb<\/strong>, un jeton adoss\u00e9 au fonds BUIDL de <a href=\"https:\/\/www.coinspeaker.com\/fr\/blackrock-achete-eth-15x-plus-vite-btc\/\">BlackRock<\/a> (2 milliards de dollars sous gestion). La promesse\u00a0: un stablecoin cr\u00e9dible, soutenu par une institution financi\u00e8re mondiale.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9922 size-full\" src=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/ethena.jpeg\" alt=\"\" width=\"1920\" height=\"1439\" srcset=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/ethena.jpeg 1920w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/ethena-300x225.jpeg 300w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/ethena-1024x767.jpeg 1024w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/ethena-768x576.jpeg 768w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/ethena-1536x1151.jpeg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p>En plus, Ethena s\u2019engageait \u00e0 redistribuer jusqu\u2019\u00e0 <strong>95\u00a0% des revenus<\/strong> g\u00e9n\u00e9r\u00e9s par les r\u00e9serves aux membres d\u2019Hyperliquid, \u00e0 couvrir les frais de migration depuis USDC et \u00e0 injecter <strong>75 millions de dollars d\u2019incitations<\/strong> dans l\u2019\u00e9cosyst\u00e8me.<\/p>\n<p>Des propositions g\u00e9n\u00e9reuses, mais pas suffisantes pour convaincre. Le spectre d\u2019une <strong>centralisation excessive<\/strong> et l\u2019impression d\u2019un acteur \u00ab\u00a0parachut\u00e9\u00a0\u00bb ont fait basculer les votes.<\/p>\n<h2>Ethena se recentre sur ses propres produits<\/h2>\n<p>Pour autant, <strong>le retrait ne signe pas la fin d\u2019Ethena<\/strong> sur <a href=\"https:\/\/www.coingecko.com\/en\/coins\/hyperliquid\" target=\"_blank\" rel=\"\">Hyperliquid<\/a>. Guy Young a confirm\u00e9 que son \u00e9quipe poursuivra le d\u00e9veloppement d\u2019autres briques strat\u00e9giques.<\/p>\n<p>Au menu, il y a d\u00e9j\u00e0 <strong>hUSDe<\/strong>, une version synth\u00e9tique du dollar, des solutions d\u2019\u00e9pargne adoss\u00e9es \u00e0 USDe et m\u00eame une carte de paiement.<\/p>\n<p>L\u2019entreprise veut aussi acc\u00e9l\u00e9rer sur les march\u00e9s <strong>HIP-3<\/strong>\u00a0: collat\u00e9raux r\u00e9mun\u00e9rateurs, services de prime broking modulaires ou encore des swaps perp\u00e9tuels sur actions tokenis\u00e9es. Une mani\u00e8re de dire qu\u2019Ethena n\u2019a pas besoin d\u2019USDH pour <strong>rester incontournable<\/strong>.<\/p>\n<h2>Native Markets prend la pole position<\/h2>\n<p>L\u2019abandon d\u2019Ethena rebat les cartes. <strong>Native Markets<\/strong>, d\u00e9j\u00e0 bien plac\u00e9, devient le grand favori. L\u2019\u00e9quipe a un atout majeur.<\/p>\n<p>En effet, elle est per\u00e7ue comme <strong>organiquement li\u00e9e \u00e0 l\u2019\u00e9cosyst\u00e8me<\/strong>. L\u00e0 o\u00f9 Ethena semblait trop institutionnelle, Native Markets est plus repr\u00e9sentative de l\u2019esprit communautaire cher \u00e0 Hyperliquid.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9921 size-full\" src=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/hyperliquid.webp\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/hyperliquid.webp 1280w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/hyperliquid-300x169.webp 300w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/hyperliquid-1024x576.webp 1024w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/hyperliquid-768x432.webp 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>Les march\u00e9s de pr\u00e9diction ne s\u2019y trompent pas. Sur <strong>Polymarket<\/strong>, les chances de victoire de Native Markets sont d\u00e9sormais \u00e9valu\u00e9es \u00e0 <strong>92\u00a0%<\/strong>, contre seulement <strong>7\u00a0% pour Paxos<\/strong>. Autrement dit, sauf retournement improbable, la route vers l\u2019\u00e9mission d\u2019USDH leur est presque acquise.<\/p>\n<hr \/>\n<p>\u00c0 lire aussi\u00a0:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/solana-stablecoin-natif-galaxy-injecte-165-milliard\/\">Solana vers un stablecoin natif ? Galaxy injecte 1,65 milliard<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/btc-rebondit-altcoins\/\">BTC rebondit au-dessus des 115K $, quels altcoins suivront ?<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/bitcoin-portefeuille-inactif-transfert-15m\/\">Bitcoin : portefeuille inactif transfert 15M$ \u00e0 114K$ \u2013 d\u00e9clencheur d\u2019un Bull Run<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/wall-street-inonde-bitcoin-17-milliard-etf\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Ethena Labs, un des concurrents les plus s\u00e9rieux pour l\u2019\u00e9mission du stablecoin USDH, vient de se retirer. L\u2019annonce a \u00e9t\u00e9 faite le 11 septembre 2025 par son fondateur, Guy Young.<\/p>\n<p>La d\u00e9cision fait suite aux critiques de la communaut\u00e9 et des validateurs, qui voyaient en Ethena un acteur trop ext\u00e9rieur au projet. Une sortie qui change l\u2019\u00e9quilibre des forces et ouvre un boulevard \u00e0 Native Markets, d\u00e9sormais favori.<\/p>\n","protected":false},"author":220,"featured_media":9919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,43],"tags":[],"class_list":["post-9913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu","category-actualites-du-marche"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethena Labs abandonne la course au stablecoin USDH<\/title>\n<meta name=\"description\" content=\"Ethena Labs se retire de la comp\u00e9tition pour \u00e9mettre l\u2019USDH d\u2019Hyperliquid. Native Markets devient le favori.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethena Labs abandonne la course au stablecoin USDH\" \/>\n<meta property=\"og:description\" content=\"Ethena Labs se retire de la comp\u00e9tition pour \u00e9mettre l\u2019USDH d\u2019Hyperliquid. Native Markets devient le favori.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/\" \/>\n<meta property=\"og:site_name\" content=\"Coinspeaker France\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-13T11:00:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/Coinspeaker-1-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Emmanuel Roux\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emmanuel Roux\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ethena Labs abandonne la course au stablecoin USDH","description":"Ethena Labs se retire de la comp\u00e9tition pour \u00e9mettre l\u2019USDH d\u2019Hyperliquid. Native Markets devient le favori.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/","og_locale":"fr_FR","og_type":"article","og_title":"Ethena Labs abandonne la course au stablecoin USDH","og_description":"Ethena Labs se retire de la comp\u00e9tition pour \u00e9mettre l\u2019USDH d\u2019Hyperliquid. Native Markets devient le favori.","og_url":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/","og_site_name":"Coinspeaker France","article_published_time":"2025-09-13T11:00:31+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/Coinspeaker-1-1.png","type":"image\/png"}],"author":"Emmanuel Roux","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Emmanuel Roux","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/","url":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/","name":"Ethena Labs abandonne la course au stablecoin USDH","isPartOf":{"@id":"https:\/\/www.coinspeaker.com\/fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/#primaryimage"},"image":{"@id":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/#primaryimage"},"thumbnailUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/Coinspeaker-1-1.png","datePublished":"2025-09-13T11:00:31+00:00","author":{"@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/c07f2e89d7f6009cf9ffaeeb450c2119"},"description":"Ethena Labs se retire de la comp\u00e9tition pour \u00e9mettre l\u2019USDH d\u2019Hyperliquid. Native Markets devient le favori.","breadcrumb":{"@id":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/#primaryimage","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/Coinspeaker-1-1.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/09\/Coinspeaker-1-1.png","width":1200,"height":800},{"@type":"BreadcrumbList","@id":"https:\/\/www.coinspeaker.com\/fr\/ethena-labs-abandonne-stablecoin-usdh\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.coinspeaker.com\/fr\/"},{"@type":"ListItem","position":2,"name":"Ethena Labs abandonne la course au stablecoin USDH d\u2019Hyperliquid"}]},{"@type":"WebSite","@id":"https:\/\/www.coinspeaker.com\/fr\/#website","url":"https:\/\/www.coinspeaker.com\/fr\/","name":"Coinspeaker France","description":"Bitcoin, Ethereum, Altcoins et actualit\u00e9s crypto avec analyses, cours en direct, graphiques de donn\u00e9es et guides","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.coinspeaker.com\/fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/c07f2e89d7f6009cf9ffaeeb450c2119","name":"Emmanuel Roux","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/image\/","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-cropped-pp-1-96x96.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-cropped-pp-1-96x96.png","caption":"Emmanuel Roux"},"description":"Journaliste sp\u00e9cialis\u00e9 crypto et Web3, Emmanuel d\u00e9crypte l\u2019actualit\u00e9 des march\u00e9s, des projets blockchain et des grandes tendances du num\u00e9rique.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/desireemeunier\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/9913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/220"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=9913"}],"version-history":[{"count":3,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/9913\/revisions"}],"predecessor-version":[{"id":9924,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/9913\/revisions\/9924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/9919"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=9913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=9913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=9913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}