Arthur Hayes, co-founder of crypto investment fund Maelstrom, bought the Ethena token this week, tying his latest move to a project vying for control of the USDH stablecoin ticker as Hyperliquid validators head into a decisive vote on Sunday. Hayes has accumulated multiple tranches of Ethena’s ENA token over the past two days, including 578,956 tokens worth about $473,000 on Wednesday and two earlier purchases totaling roughly 672,800 ENA, or $521,000, according to data tracked by Arkham Intelligence. The t ...

Hyperliquid suddenly has a swarm of suitors making passionate pleas for its hand in marriage to create the USDH stablecoin. It's a drama that kicked off last week and has now reached a fevered pitch as some of the biggest crypto companies around compete for the highly sought-after USDH ticker—culminating in an on-chain vote by Hyperliquid stakeholders on Sunday. Major companies like Paxos, Sky, and Frax Finance have thrown their hats in the ring alongside Ethena, with backing from a BlackRock executive. A ...

Stellar’s XLM token saw a sharp rally during a 23-hour period between September 8 and 9, advancing 4% from $0.37 to $0.38 on heavy institutional flows. Trading volume surged to 90.25 million tokens at the September 9 breakout, more than double the 24-hour average, according to market data. A Wall Street proprietary trading desk highlighted the move, noting that resistance formed at $0.39 as corporate accounts began consolidating. Analysts described the $0.38–$0.39 range as a zone of institutional accumulat ...