The Battle for $7.5B USDH

SharpLink’s $1.5B Buyback | Binance Rolls Out Ethena’s USDe

Marco Manoppo & Karon Pangestu
September 10, 2025

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Good Morning.

All eyes are on Hyperliquid’s $7.5B USDH battle, where the choice of issuer could shape the whole ecosystem. Meanwhile, Pokémon mania is alive and well: Collector Crypt just pushed $150M in trades as its CARDS token takes off.

In Today's Email:

What Matters: The Battle for $7.5B USDH ⚔️
Case Study: SharpLink’s $1.5B Buyback 💰️
Governance & Features: Binance Rolls Out Ethena’s USDe 💵

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Narratives: Gacha

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TOGETHER WITH

Ethena Labs Presents: MegaUSD (USDm)

Ethena is bringing its Stablecoin-as-a-Service (SaaS) model to life with the launch of USDm, the native stablecoin for MegaETH.

Powered by Ethena’s backend infrastructure and backed primarily by USDtb reserves in BlackRock BUIDL, USDm showcases how Ethena enables ecosystems to launch tailored, fully transparent stablecoins out of the box.

This is the first step in a new product line for Ethena: giving applications and chains the ability to build their own incentive-aligned currencies, while Ethena’s technology and reserves provide the foundation.

USDm is not just a stablecoin. It’s proof of Ethena’s vision: scalable, customizable, and ecosystem-ready.

WHAT MATTERS

The Battle for $7.5B USDH

Source: Ash / Memento Research

State of play: Hyperliquid has opened an RFP to decide which third-party issuer will power its stablecoin, $USDH.

The move is aimed at cutting reliance on USDC and Coinbase while keeping reserve yields and liquidity incentives inside the Hyperliquid ecosystem. Eight contenders are in the ring:

Ethena: Fiat-backed via USDtb, ≥95% of reserve yield routed back to HL, migration paths from USDC.
Paxos: Enterprise-grade rails, regulated audits, 95% of interest to HYPE buybacks and ecosystem.
Agora: Custody with State Street, managed by VanEck, 100% net revenue to HL, $10m+ day-one liquidity.
Frax Finance: Pegged to frxUSD, 0% issuer take rate, on-chain T-bill yield, fiat on/off-ramps.
Native Markets: Issuer-agnostic via Bridge, 50% to Assistance Fund and 50% to USDH growth.
Curve Finance: Decentralized CDP twin (dUSDH), pegged with LLAMMA mechanics.
Sky: Multi-collateral stablecoin with Peg Stability Module, instant 2.2B USDC redemption, yield to HYPE buybacks.
Bastion: Compliance-first, NYDFS trust, issuance-as-a-service with free mint/redemptions.

Why it matters: What’s at stake is massive. Hyperliquid stakers and validators will vote, effectively deciding who powers a potential $7.5B stablecoin economy on-chain.

Our take: Hyperliquid is choosing an identity.

Ethena, Paxos, and Agora lean into compliance and institutional-grade reserves.
Frax, Curve, and Native Markets push for on-chain native design.
Sky and Bastion sit somewhere in the middle with hybrid models.

For builders and investors: This vote will decide how liquidity flows and yield gets recycled, and on Hyperliquid that yield isn’t just profit, it’s the engine of the ecosystem.

CASE STUDY

SharpLink’s $1.5B Buyback

Source: The Block

SharpLink Gaming has started deploying its $1.5B share repurchase plan, buying back 939,000 SBET shares at an average of $15.98.

SharpLink, which holds about 837,000 ETH worth $3.6B, says buybacks below NAV are immediately accretive and supported by its debt-free balance sheet.
With nearly all of its ETH staked, SharpLink expects to generate $67–$151M annual rewards to help future repurchases, alongside cash and other financing.
Management emphasized disciplined capital allocation and shareholder value as the drivers behind the move.

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INSIGHTS

Collector Crypt Hits $150M in Volume

Collector Crypt, a Solana-based Pokémon card trading platform, has driven over $150M in trading volume this year through its gamified “Gacha” pack system and instant buyback offers.

In the past week alone, it facilitated $10M in trades, averaging $666,000 in weekly revenue.
Its CARDS token, launched on Aug. 29, soared from a $67M FDV at presale to over $600M within a week, despite only 10% of supply circulating.
The mix of real-world assets, instant liquidity, and low float has fueled both trading and token demand.

FEATURES & GOVERNANCE UPDATE

Binance Rolls Out Ethena’s USDe

Source: Ethena

Binance is integrating Ethena Labs’ USDe across its platform, making it available as a spot trading pair, a yield-bearing asset on Binance Earn, and collateral for futures trading.

Ethena called the move one of its most important integrations, highlighting USDe as the first externally developed dollar asset used as collateral on Binance with native rewards.
With nearly $13B in supply, USDe is the largest non-fiat-backed stable asset, earning yield through hedging strategies.
The integration could also accelerate Ethena’s consideration of a “fee switch” for its ENA token, potentially unlocking major buybacks.

Other notable feature updates:

Raydium has listed USD1.
Lido introduced Lido Earn.
Phantom introduced new features for PSO.
Ondo launched Ondo Global Markets on Ethereum.
Ethereum Community Foundation launches BETH.
Jito announced several updates to its $JTO tokenomics.
Trust Wallet announced support for tokenized stocks and ETFs.

QUICK BITES

Nasdaq to invest $50M in Gemini.
Story's native IP token hits all-time high.
Cboe to list continuous BTC and ETH futures.
Metaplanet raises $1.4B in international offering.
Binance integrates Ethena's USDe across platform.
SharpLink initiates $1.5B share repurchase program.
First US Dogecoin ETF expected to debut Thursday.
Ant Digital plans to tokenize over $8B in energy assets.
WLD token jumps over 80% with Eightco treasury launch.
BBVA taps Ripple custody tech for retail crypto push in Spain.
Collector Crypt drives $150M in randomized Pokémon card trades.
Asset Entities shareholders approve merger with Strive to create BTC DAT.

NOTEWORTHY READS & MEME

TM's read on Creator Extraction Market
Nairolf’s read on bro, let's explore time.fun
Nico’s read on CCMs, Streaming and the PumpFun Flywheel

> Jake Paul shilling vibe coding startup
— NIK (@ns123abc)
5:53 AM • Sep 9, 2025

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