Crypto protocol $SKY has become the fifth crypto project to submit a bid to participate in Hyperliquid's stablecoin issuance. Hyperliquid recently announced on Discord that it was "seeking bids from teams interested in using a Hyperliquid-first, native stablecoin with a USDH ticker." Projects submitting bids alongside Sky include Native Markets, stablecoin protocol Frax, stablecoin issuer Paxos, and crypto infrastructure firm Agora.