USDH

On Solana, USDH is a debt token: users lock crypto collateral such as SOL, liquid-staking tokens and Kamino LP positions into Hubble Protocol's vaults and mint the stablecoin against it, then burn USDH to reclaim what they deposited. There is no company to redeem from and no KYC; the peg rests on over-collateralization and permissionless arbitrage rather than a reserve of dollars. Hubble launched it as an autonomous collateralized-debt-position protocol, and the same team went on to build Kamino Finance, now one of Solana's larger lending venues. For a stretch USDH was among the most widely paired Solana-native stablecoins in DEX liquidity, prized for censorship resistance. Its risks are the classic ones for crypto-backed dollars: a fast drop in collateral value or thin liquidations can push it below a dollar before the system catches up.