---
title: "Felix feUSD (FEUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/feusd-felix/"
description: "Build-time stablecoin profile for Felix feUSD (FEUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Felix feUSD (FEUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

feUSD is a Liquity-v2-fork {{term:cdp}}CDP{{/term}} dollar on Hyperliquid, {{term:overcollateralization}}overcollateralized{{/term}} by HYPE ecosystem tokens — concentrated chain risk, sturdy redemption mechanics. Felix Protocol cloned Liquity V2 onto Hyperliquid's unproven L1 and loaded the CDPs with HYPE and its liquid-staking derivatives — an asset class Pharos rates very-high risk — alongside bridged Bitcoin. The {{term:redemption}}redemption{{/term}} backstop is genuinely strong for a DeFi-native coin, with zero-fee atomic collateral redemption and an interest-rate-sorted queue, and the peg itself has held tight, rarely drifting from the calm end of the stress scale despite a long tail of brief blips. But the C safety grade tells the real story, and it is not about the peg: when your primary collateral is the native token of the chain you live on, a single ecosystem shock hits both your backing and your exit {{term:liquidation}}liquidity simultaneously{{/term}}. That structural fragility shows up as a weak resilience grade and a failing decentralization score — a multisig still holds the admin keys, caps, and pause — which is what drags an otherwise well-pegged coin down to a middling overall mark.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| hyperevm | `0x02c6a2fa58cc01a18b8d9e00ea48d65e4df26c70` | 18 |
| hyperliquid | `0x88102bea0bbad5f301f6e9e4dacdf979` | 8 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/feusd-felix.