hwUSD, issued by Hyperwave Labs Corporation, is a tokenized vault interest providing economic exposure to a risk-adjusted stable-asset yield strategy, minted by depositing stablecoins into a non-custodial Boring Vault deployed into Hyperliquid-native strategies. [S1][S2]

Each hwUSD token is a 1-to-1 representation of U.S. dollar (USD) stablecoins, namely USDC, USDT0, and USDe, deposited into the corresponding non-custodial vault, which deploys capital to provide risk-adjusted stable-asset returns. [S1][S2] Yield accrues into the token's onchain exchange rate through NAV-style repricing rather than coupons. [S3] Holders bear a 10% performance fee on realized gains, implemented as a dynamically adjusting management fee applied at each repricing. [S2][S4]

The issuing entity is Hyperwave Labs Corporation, with a Panama nexus indicated by the Arbitration and Settlement Centre of Panama dispute venue. [S1] No prudential regulator licenses the issuer, which states it is a developer and provider of software and is not a broker, fund management agency, fund manager, or financial institution. [S1] The tokens are hw-Liquidity Tokens, non-custodial vault receipt tokens redeemable for deposited assets, creating no fiduciary duties. [S1] Public-vault users must be of legal age, complete required AML and KYC checks, not be sanctioned, and not reside in Restricted Jurisdictions. [S1] hwUSD is redeemable for USDC and USDT0 through a queued mechanism. [S2]

hwUSD is an ERC-20 token following the Boring Vault standard, deployed on HyperEVM, Hyperliquid's EVM layer, with vault tokens able to bridge across ecosystems via LayerZero. [S5][S3][S6] Users mint by depositing eligible stablecoins at the current exchange rate, and redemptions settle through a batched queue, with approximately 90% redeemable within 1.25 days. [S3][S2] NAV is published onchain via the vault exchange-rate oracle. [S3]

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Tokenized funds

Hyperwave operates through smart contracts that automate trading strategies and liquidity management across multiple DeFi protocols and chains. The platform generates revenue through performance fees and protocol incentives, utilizing algorithmic strategies to optimize yield generation while providing users with transparent, non-custodial access to advanced DeFi trading capabilities.

The project offers sophisticated DeFi trading tools including automated market making, yield optimization strategies, and liquidity provision services. Hyperwave focuses on creating efficient capital allocation mechanisms through decentralized protocols that enable users to maximize returns while managing risk across various DeFi ecosystems.

Hyperwave is a decentralized finance (DeFi) protocol that provides advanced trading and liquidity management solutions on blockchain networks.

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Real-world asset (RWA) issuers

Hyperwave

Hyperwave hwUSD (hwUSD) is a tokenized fund share issued by Hyperwave.

hwUSD has been issued on HyperEVM as an ERC-20 token since September 2025, with bridged versions on two more.

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