# Hyperstable

> Track Hyperstable's market cap with daily on-chain data. Compare Hyperstable with other stablecoin issuers. See charts and datasets in one place. Updated daily.

Source: [Hyperstable on Token Terminal](https://tokenterminal.com/explorer/projects/hyperstable). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Token: PEG
- Sectors: Stablecoin issuers
- Chains: hyperevm

## About

### What it is

Hyperstable is a decentralized stablecoin protocol on Hyperliquid issuing USDH, an over-collateralized USD-pegged stablecoin with dual-token governance.

### Who uses it

HyperStable is a pseudonymous team of early Hyperliquid ecosystem builders.

### How it works

HyperStable issues USH, a crypto-backed over-collateralized stablecoin on Hyperliquid, where users deposit collateral into vaults to mint USH; the protocol generates revenue through borrowing fees and liquidation penalties.

## Metrics

Token Terminal tracks these metrics for Hyperstable daily. Each page has a chart with the full history.

- [Price](https://tokenterminal.com/explorer/projects/hyperstable/metrics/price)
- [Fully diluted market cap](https://tokenterminal.com/explorer/projects/hyperstable/metrics/market-cap-fully-diluted)
- [Circulating market cap](https://tokenterminal.com/explorer/projects/hyperstable/metrics/market-cap-circulating)
- [Token trading volume](https://tokenterminal.com/explorer/projects/hyperstable/metrics/token-trading-volume)
- [Token turnover (fully diluted)](https://tokenterminal.com/explorer/projects/hyperstable/metrics/token-turnover-fully-diluted)
- [Token turnover (circulating)](https://tokenterminal.com/explorer/projects/hyperstable/metrics/token-turnover-circulating)
- [Token holders](https://tokenterminal.com/explorer/projects/hyperstable/metrics/tokenholders)
- [Circulating supply](https://tokenterminal.com/explorer/projects/hyperstable/metrics/token-supply-circulating)
- [Outstanding supply](https://tokenterminal.com/explorer/projects/hyperstable/metrics/outstanding-supply)
- [Active addresses (daily)](https://tokenterminal.com/explorer/projects/hyperstable/metrics/active-addresses-daily)
- [Active addresses (weekly)](https://tokenterminal.com/explorer/projects/hyperstable/metrics/active-addresses-weekly)
- [Active addresses (monthly)](https://tokenterminal.com/explorer/projects/hyperstable/metrics/active-addresses-monthly)
- [Transaction count (contracts)](https://tokenterminal.com/explorer/projects/hyperstable/metrics/transaction-count-contracts)
- [Gas used](https://tokenterminal.com/explorer/projects/hyperstable/metrics/gas-used)

## Links

- [twitter](https://twitter.com/HyperstableX)
- [website](https://www.hyperstable.xyz/)