The first veCDP Stablecoin. Borrow $USH, farm and lend.
HyperEVM
Joined November 2024
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Turn HyperEVM collateral into borrowable liquidity.
Borrow USH against wstHYPE, WHYPE, beHYPE, kHYPE, UETH, LHYPE, UBTC, and USOL.
USH LPs earn PEG. vePEG voters direct emissions.
app.hyperstable.xyz
Hyperstable retweeted
everyone is missing the actual red alert. circle didn't just freeze a user's eoa. they blacklisted a live smart contract.
the precedent is terrifying. if an issuer can nuke an entire protocol just because one tainted wallet deposited funds, then defi composability is dead. your stablecoins in a dex router, lending market, or yield farm are never safe. they can all become collateral damage overnight.
defi protocols don't protect your fiat liquidity, they just group it together for a more efficient freeze. you can't build permissionless finance on a centralized kill switch.
circle just blacklisted @zama's cusdc contract. 12.6m of user funds instantly frozen.
fully homomorphic encryption means absolutely nothing when the underlying asset has a master kill switch. zero transparency, same playbook as the 16 wallet freezes from march. wrapping fiat stablecoins in privacy math is just building sandcastles on their servers.
permissionless tools cannot exist on top of permissioned assets. if they can pull the plug, you don't own the liquidity. true privacy requires base layer decentralization.
stables.rip
Borrowing USH currently sits around ~7.5% APR across the main vaults.
Collateral markets include WHYPE, wstHYPE, UETH and UBTC.
If you’re looking to borrow against collateral, come check out the markets!
Our points campaign has officially ended.
Thanks to all participants for their engagement over the past 3 months.
All who have achieved at least 1 point have been included in the final snapshot and PEG tokens have been distributed.
Snapshot Date: January 16, 2026.
Total amount 3,117,460 (direct airdrop).
Receipt: hyperevmscan.io/tx/0x59140f5…
PSA: The BaseIR has been set to 7.5% for all collateral types. Emissions (LP rewards) have been adjusted downward to align with current borrowing levels and associated interest revenue. These changes will take effect in the next epoch (starting Thursday).
After a turbulent period of volatility, Hyperstable held its peg perfectly and borrowing rates have now normalized at 16%.
Fresh liquidity is available for users ready to borrow. Our points campaign is still active and every action continues to count!
Stable ponzis for “risk-free yield” not so fun after all?
Hyperstable:
✅ Fully onchain
✅ Crypto-backed
✅ No recursive leverage
Want to earn 30% APR on your stablecoins?
Supply USDC, USDT or USDE → app.hyperstable.xyz/earn
Hyperstable continues to operate smoothly through the recent market downturn.
USH remains at peg, liquidations have been orderly, and there is no bad debt.
Borrowing rates are elevated, but all interest flows to $PEG, reinforcing liquidity APR.
🚨BREAKING: Hyperstable is not considering reversible USH transactions.
ICYMI:
Earn points via: • Core borrowing • Isolated borrowing • LP staking • Isolated lending • Voting • Referrals.
All protocol revenue will remain dedicated to $PEG buybacks throughout the points campaign and beyond.
beHYPE is now live as a core asset on Hyperstable!
beHYPE is @hyperbeat's liquid staking token for HYPE, built in collaboration with @ether_fi.
Users can now borrow USH against their beHYPE, with a peg-based variable interest rate of around 5% and a minimum Health Factor requirement of 1.3.
