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FEUSD profile facts

Felix feUSD (FEUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.

CeFi-DependentCrypto-CollateralizedUS DollarLiquity v2
Collateral
HYPE, kHYPE, wstHYPE, and UBTC (feUBTC) via overcollateralized CDPs on Hyperliquid (Liquity V2 fork); the live adapter reports four active branches
Peg mechanism
Overcollateralized CDP (Liquity V2 fork) with direct redemption for $1 of collateral; interest-rate-sorted redemption queue (lower-rate positions redeemed first); stability pools absorb liquidations
Jurisdiction
Not disclosed in the static profile.
Proof of reserves
No proof-of-reserves entry in the static profile.
Contracts
2 deployments tracked across HyperEVM and Hyperliquid L1.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

FEUSD quick answers

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What is Felix feUSD (FEUSD)?

feUSD is Felix Protocol's Liquity-v2-fork dollar on Hyperliquid, minted from overcollateralized CDPs against HYPE, kHYPE, wstHYPE, and bridged BTC. The static profile records its US Dollar peg mechanism as: Overcollateralized CDP (Liquity V2 fork) with direct redemption for $1 of collateral; interest-rate-sorted redemption queue (lower-rate positions redeemed first); stability pools absorb liquidations.

Is FEUSD safe?

As of Oct 25, 2026, Pharos grades FEUSD B (70/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs FEUSD?

Pharos records FEUSD's reserves as of Sep 4, 2026 as 82.7% WHYPE, 8.2% kHYPE (Kinetiq), 6% UBTC (bridged Bitcoin), and 1 smaller holding. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can FEUSD be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.

How do you redeem FEUSD?

Under the route Pharos reviewed on Mar 23, 2026, any holder can redeem FEUSD for WHYPE, FEUBTC, KHYPE, and 1 other assets. Redemption settles atomically on-chain. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.