---
title: "Hubble USDH (USDH) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdh-hubble/"
description: "Build-time stablecoin profile for Hubble USDH (USDH). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Hubble USDH (USDH)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Decentralized (DeFi)

**Status:** active

## Overview

Hubble's USDH was Solana's first MakerDAO-style {{term:cdp}}CDP{{/term}} stablecoin at 150% min collateral; today it circulates at ~$1.2-1.5M and is structurally dormant. Hubble Protocol's USDH was the first MakerDAO-style {{term:overcollateralization}}overcollateralized{{/term}} stablecoin on Solana, minted against a basket of SOL, mSOL, BTC, and ETH at a minimum 150% collateralization ratio with Stability Pool {{term:liquidation}}liquidations{{/term}}. The protocol launched in 2022, raised $5M from Three Arrows, Crypto.com and others, and originally aspired to challenge centralized stablecoin dominance on Solana. Today USDH circulates at roughly $1.2-1.5M with negligible secondary volume, and the team has pivoted its development energy to sister protocol Kamino Finance. No formal sunset has been announced and the borrow app remains live, but USDH is structurally dormant rather than growing. The 'USDH' symbol is shared with Native Markets and Hermetica — three distinct issuers, three distinct collateral models.

## Collateral

Overcollateralized basket of Solana-native crypto assets (SOL, mSOL, BTC, ETH, and other Hubble-whitelisted tokens) deposited into Hubble Protocol CDP vaults at a minimum 150% collateralization ratio

## Peg Mechanism

Borrowers mint USDH against overcollateralized Solana crypto vaults and repay or are liquidated under Hubble's CDP rules; Stability Pool absorbs liquidations and distributes collateral to depositors

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| solana | `USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX` | 6 |

## Live Data

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