feUSD vaults
About Felix feUSD
feUSD is a CDP stablecoin issued by the Felix Protocol, a Liquity V2 fork on HyperEVM (Hyperliquid Layer 1). Users mint feUSD by depositing crypto assets as collateral. feUSD is the leading native stablecoin on HyperEVM.
feUSD is a collateralised debt position (CDP) stablecoin issued by Felix Protocol, the first major lending protocol on HyperEVM (Hyperliquid's EVM-compatible layer). Felix is a friendly fork of Liquity V2, enabling users to borrow feUSD against crypto collateral at interest rates determined by governance.
Felix launched in early 2025 and quickly became the dominant native stablecoin protocol on HyperEVM, with over $150 million in TVL. It has integrations with Morpho and Ethena, and feUSD is used for yield strategies across the Hyperliquid ecosystem. Felix announced plans to evolve feUSD towards a broader stablecoin called HUSD.
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