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.

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

HyperStable is a pseudonymous team of early Hyperliquid ecosystem builders.

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Stablecoin issuers

Hyperstable

# Token turnover (circulating) Methodology

## Overview

Token turnover (circulating) measures how frequently a project's token changes hands relative to its circulating market cap. It is calculated as the average daily token trading volume divided by the circulating market cap, indicating liquidity and trading activity relative to the token's circulating valuation.

${token_trading_volume} / ${market_cap_circulating}

Average daily token trading volume divided by circulating market cap.

HyperstablePEG

Token turnover (circulating)

Token turnover (circulating)

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