USH, issued by the Hyperstable Protocol smart contracts under the governance of vePEG tokenholders, is a crypto-collateralized stablecoin that tracks one U.S. dollar (USD) and is minted against over-collateralized crypto deposits held in non-custodial vaults [S1].

Each USH tracks a target of one USD and is created when a holder deposits accepted crypto collateral, including WHYPE, wstHYPE, kHYPE, sUSDe, USDe, USDC, UBTC, and XAUt0, into a vault and borrows USH up to the market minimum collateralization ratio, ranging from roughly 1.1x to 1.6x [S1][S2]. Holders pay an onchain borrow interest rate, shown from a core minimum near 7.50% to isolated-market rates as low as 0.02%, plus liquidation fees [S1][S2].

USH is not issued by a single corporate entity; it is created by the Hyperstable Protocol smart contracts operating in a fully decentralized manner and governed by tokenholders who lock the PEG token as vePEG [S1]. The holder's claim is an over-collateralized stablecoin token minted against onchain collateral, not a deposit, fund interest, or note [S1]. The protocol is permissionless, with any user able to deposit collateral and mint USH [S1]. Redemption is effected by repaying and burning USH to reclaim deposited collateral, and undercollateralized vaults are subject to permissionless liquidation by any party [S1].

USH is minted by depositing collateral and borrowing against it through Easy Borrow flows that display a Health Factor and liquidation price, with interest accruing onchain and adjusted automatically; collateral is reclaimed by repaying USH [S1][S2]. The protocol issues onchain, with a collateral set composed predominantly of Hyperliquid-ecosystem assets [S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://hyperstable.xyz/" },
    { id: "S2", url: "https://app.hyperstable.xyz/" },
  ]}
/>


Stablecoins

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.

twitter

website

Stablecoin issuers

Hyperstable

Hyperstable USD (USH) is a U.S. dollar stablecoin issued by Hyperstable.

Retail investors can mint and redeem directly with Hyperstable in WHYPE, wstHYPE, kHYPE, beHYPE, UBTC, UETH, USOL, LHYPE, and XAUt0.

USH has been issued on public blockchains since May 2025 and is native to HyperEVM and HyperCore.

Hyperstable USDUSH

All metrics