Felix feUSD
feusdWhat is Felix feUSD?
feUSD is Felix Protocol's native stablecoin for its collateralized-debt-position market on Hyperliquid's HyperEVM. Users lock approved collateral such as HYPE or UBTC in a Felix Trove and borrow feUSD; the protocol describes the system as overcollateralized and permissionless for supported collateral.
feUSD is a protocol debt instrument and transferable token, not a share of Felix, a governance token, or a documented legal claim to project revenue or a reserve account. Its dollar target depends on collateralization, liquidations, Stability Pool participation and redemptions.
What problem does Felix feUSD solve?
Felix uses feUSD to give Hyperliquid users on-chain dollar liquidity without a centralized lender: borrowers can draw a stable unit against crypto collateral and use it for swaps or leverage. The CDP design addresses repayment and solvency through collateral ratios, liquidations and redemption mechanics.
This does not remove market-structure risk. Collateral prices can fall, oracle or liquidation execution can fail, and feUSD holders receive no documented issuer redemption promise comparable to a fiat-backed stablecoin.
How does Felix feUSD work?
A borrower opens a Trove, deposits an approved collateral asset, chooses an interest rate and mints feUSD debt subject to branch parameters and mint caps. Each collateral branch has its own pools and contracts. Felix's documentation says borrower interest is paid into the Stability Pool and other protocol destinations, while liquidations burn Stability Pool feUSD and distribute collateral to depositors.
When feUSD trades below the target, a holder can redeem feUSD for dollar-value collateral, less a fee, with redemptions processed from lower-interest-rate positions first. The published Felix controls are material: admins can adjust Trove parameters and pause the protocol, and the audit page says contracts remain upgradeable until admin privileges are removed. The deployment manifest lists the feUSD token, AdminController and proxy-admin addresses, but does not by itself establish who currently controls those addresses.
Key facts
- Felix documents the mainnet feUSD token at 0x02c6a2fa58cc01a18b8d9e00ea48d65e4df26c70.
- The live CDP product accepts HYPE and UBTC in its documented mainnet quickstart; additional branch entries include kHYPE, while wstHYPE is marked “coming soon” in the developer documentation.
- feUSD is minted as overcollateralized debt in collateral-specific Troves; it is not described as fiat-backed or redeemable from a centralized issuer.
- Borrowers choose an annual interest rate; Felix documents redemptions as starting with the lowest-rate positions.
- Liquidations use branch Stability Pools: feUSD is burned against liquidated debt and collateral is distributed to Stability Pool depositors.
- Felix discloses admin mint caps, admin Trove-parameter adjustment and admin pausing as code changes relative to Liquity V2.
- Felix's audit page states that all protocol contracts retain upgradeability until admin privileges are removed; current privilege status requires on-chain verification.
- No fixed maximum supply, vesting schedule or token-holder revenue/right schedule is established by the reviewed official sources; supply is debt-driven and state-dependent.
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Frequently asked questions
What is Felix feUSD?
It is Felix Protocol's overcollateralized, USD-pegged CDP stablecoin on Hyperliquid HyperEVM. Users mint it by borrowing against approved collateral in Troves.
Can feUSD holders redeem for dollars from Felix?
The reviewed docs describe protocol redemptions for dollar-value collateral, less a fee, not a fiat redemption contract with a centralized issuer. This is not evidence of a legal claim to U.S. dollars.
What happens when a feUSD-backed position is liquidated?
When collateral falls below the applicable threshold, the Stability Pool can burn feUSD to cancel debt and receive the liquidated collateral, while the borrower loses the position and may incur a penalty.
Does feUSD have a fixed maximum supply or vesting schedule?
No fixed maximum supply or vesting schedule was established in the reviewed official sources. Supply is created and destroyed through CDP debt and protocol settlement flows, so current supply must be checked on-chain.
Can Felix administrators pause or upgrade feUSD infrastructure?
Felix's audit documentation says admins can pause the protocol and adjust Trove parameters, and that all Felix contracts remain upgradeable until admin privileges are removed. The current key holders and privilege state were not independently confirmed here.
Is feUSD a Felix governance or revenue-sharing token?
No. The reviewed materials describe feUSD as a stablecoin/debt asset and Stability Pool depositors as receiving protocol-defined interest or liquidation rewards; they do not establish governance voting, equity, or legally enforceable Felix revenue rights for feUSD holders.
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