Hubble USDH (USDH) stablecoin analytics
Answer First
What is Hubble USDH (USDH)?
USDH is Hubble Protocol's decentralized Solana stablecoin backed by overcollateralized CDP vaults and USDC held through its Peg Stability Module. The static profile records its US Dollar peg mechanism as: Borrowers mint USDH against overcollateralized Solana vaults, while the Peg Stability Module supports zero-slippage USDH/USDC conversion and holds deposited USDC as direct backing
Is USDH safe?
Pharos does not assess USDH as safe: it holds an F Safety Score grade (38/100) in the latest published rating, which flags significant structural risk. Static metadata says Hubble USDH uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with curated reserve profile; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Hubble USDH (USDH) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Sep 7, 2026
Hubble's USDH was Solana's first MakerDAO-style CDP stablecoin, launched in January 2022 and minted against overcollateralized vaults of SOL, mSOL, BTC, and ETH with Stability Pool liquidations. That is the history; the present is a much smaller and mostly different asset. At the latest on-chain read, about ninety-four percent of outstanding USDH was issued through the Peg Stability Module against deposited USDC, with the CDP branch a sub-material remainder led by mSOL and SOL. Backing therefore inherits Circle...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- 94.4468% USDC in the Peg Stability Module and 5.5532% CDP-backed issuance; the reviewed CDP branch is split across mSOL, SOL, kUSDH-USDC Orca kToken, daoSOL, BTC, and grouped residual collateral.
- Peg Mechanism
- Borrowers mint USDH against overcollateralized Solana vaults, while the Peg Stability Module supports zero-slippage USDH/USDC conversion and holds deposited USDC as direct backing
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
- Contracts
- 1 deployment tracked across Solana.
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdh-hubble
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
USDH quick answers
What is Hubble USDH (USDH)?
USDH is Hubble Protocol's decentralized Solana stablecoin backed by overcollateralized CDP vaults and USDC held through its Peg Stability Module. The static profile records its US Dollar peg mechanism as: Borrowers mint USDH against overcollateralized Solana vaults, while the Peg Stability Module supports zero-slippage USDH/USDC conversion and holds deposited USDC as direct backing
Is USDH safe?
Pharos does not assess USDH as safe: it holds an F Safety Score grade (38/100) in the latest published rating, which flags significant structural risk. Static metadata says Hubble USDH uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with curated reserve profile; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs USDH?
Pharos classifies USDH backing as Crypto-Collateralized. Collateral, per the static profile: 94.4468% USDC in the Peg Stability Module and 5.5532% CDP-backed issuance; the reviewed CDP branch is split across mSOL, SOL, kUSDH-USDC Orca kToken, daoSOL, BTC, and grouped residual collateral. Reserve evidence: curated reserve profile.
Can USDH be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for USDH, when applicable, appear in the dossier below.
