Well, here we go again. Another day, another stablecoin proposal in the crypto world. It seems like the race to back Hyperliquid’s new USDH stablecoin is really heating up.

Sky, the project formerly known as Maker, has thrown its hat into the ring. They’re the fifth major player to do so. Sky’s co-founder, Rune Christensen, laid out their pitch on Monday. It’s a pretty detailed offer, promising a lot of resources and a token that’s supposed to be highly customizable.

What Sky is offering

Christensen claims that by using Sky, the Hyperliquid community would get advantages that are, in his words, “unbeatable.” That’s a pretty bold statement. But then again, Sky isn’t exactly new to this. They’re the force behind USDS and DAI, two of the bigger stablecoins out there. Together, they’re sitting on a value of around $12.5 billion. So they have some experience.

The proposal mentions a 4.85% return for Hyperliquid on all USDH on its platform. Christensen says that’s “significantly above the T-Bill rate.” There’s also talk of a version that could be converted to their yield-bearing USDS stablecoin. And it would be “natively multichain,” meaning it could move across different blockchains using LayerZero.

But perhaps the more interesting part is the customization. Under Sky’s plan, the Hyperliquid community could shape the stablecoin to fit specific needs. Christensen gave an example: making it compliant with the U.S. GENIUS Act, which, you might know, bans paying yield to holders. That’s a tricky bit of regulation to navigate.

On top of all that, Sky is also offering $25 million to help grow DeFi on Hyperliquid. That’s not pocket change. Christensen suggests it could bring in “potentially billions” to the protocol through exclusive tokens.

A crowded field of bidders

Sky isn’t alone in this. They’re actually the fifth project to make a bid. Hyperliquid put out the call just last Friday, asking for teams interested in deploying a “Hyperliquid-first” stablecoin.

The first proposal came from Native Markets, a new venture by Hyperliquid advocate Max Fiege. Their plan involves using Stripe’s stablecoin payment processor, Bridge, to issue USDH.

Then there’s Frax, a well-known stablecoin protocol. Paxos, a regulated stablecoin issuer, is also in the mix. And don’t forget Agora, a crypto infrastructure firm that’s got backing from MoonPay.

A personal appeal from VanEck

Things got a bit more personal on Monday. Jan van Eck, the CEO of investment giant VanEck, made a public appeal on X. His son, Nick, is a co-founder of Agora, one of the bidding firms.

He wrote that they’d be “thrilled to be a part of your community’s ecosystem” and mentioned speaking to builders. But he also added a curious line: “We don’t like being gang-tackled.” It felt like a message about playing fair and not being pushed around.

So what happens next? The Hyperliquid validators are going to vote on all these proposals. But they’re waiting until after the network’s next upgrade, which hasn’t even been announced yet. This story is far from over.