Felix feUSD(FEUSD)

Overview

Felix feUSD is an overcollateralized stablecoin issued by Felix, a lending protocol built on the Hyperliquid ecosystem, and is designed to track the US dollar at roughly 1:1. Users deposit supported assets such as HYPE, BTC, or ETH as collateral and mint (borrow) feUSD against them, reclaiming the collateral once the debt is repaid.

The design draws on Liquity-style mechanics, using a stability pool along with liquidation and redemption mechanisms intended to keep the token near its peg. Unlike fiat-reserve stablecoins issued by a centralized entity, feUSD relies on on-chain collateral and smart contracts, so relevant risk factors include collateral price volatility, delayed liquidations, contract vulnerabilities, and periods of depeg.