Felix feUSD

Felix built feUSD as a home-grown dollar for Hyperliquid, the fast-growing trading chain, rather than importing one from Ethereum. The protocol is a fork of Liquity's borrowing model: users lock volatile collateral such as HYPE, wrapped Bitcoin or liquid-staking tokens and mint feUSD against it, always over-collateralised, with the system enforcing conservative loan-to-value limits to blunt liquidations. There is no issuer to redeem with; the token is a claim on the collateral in its smart contracts, closed out by repaying the debt. Holders who are not borrowers can earn yield by parking feUSD in a stability pool that backstops liquidations. Felix crossed a billion dollars of total value locked across its lending system in 2025, making feUSD one of the larger native stablecoins on Hyperliquid and a core piece of the chain's onchain credit market.