USDXL

Last USD (USDXL)

· 45/100as of 2026-11-10

USDXL is Last's CDP-style synthetic dollar on HypurrFi, with a liquidity-limited on-chain redemption path into USDT0.

Updated —

USD-Pegged Crypto-Backed Centralized-Dependent

Price

$0.9875

N/A

Market cap

$106.50K

-1.25% 24h

Supply

107.84K USDXL

-1.89% 7d

-4.52% 30d

DEWSWatch28/100 · as of 2026-11-10

Peg

Liq47as of 2026-11-10

30d Excess

Price

$0.9875

N/A

Market cap

$106.50K

-1.25% 24H

Supply

107.84K USDXL

-1.89% 7D · -4.52% 30D

30d Excess

MechanismCrypto CDPMintingGoverned CDP FreezePossibleChains2 JurisdictionNot disclosed

MintingGoverned CDP FreezePossibleChains2 JurisdictionNot disclosed

HypurrFi market closure deadline

HypurrFi announced that Legacy and Pooled markets will wind down and close by July 15, 2026. USDXL borrow rates were raised to 30% to incentivize repayment before closure; users with debt positions should verify repayment and migration routes directly in HypurrFi/Euler tooling.

Last USD in Wind-Down

Last USD (USDXL) is a -style synthetic dollar minted on HypurrFi, an Aave V3 fork on HyperEVM, against HYPE, HYPE LSTs, BTC and ETH collateral. Its issuance venue is in wind-down: HypurrFi announced that its Legacy and Pooled markets would close by July 15, 2026, raised USDXL borrow rates to 30% to push repayment, and suspended new pooled borrows. The token's access-control roles are now empty, leaving a 2-of-2 proxy-admin Safe's upgrade power as the remaining mint-relevant control. Holders can burn HyperEVM USDXL through the GSM for USDT0 at the configured rate, but only up to available liquidity, and no full-supply guarantee is established. Neither Last nor HypurrFi publishes a dated collateral inventory, so backing is scored on an undisclosed allocation. Economic control is the weakest pillar on the D card, with a single-source oracle topology among its caps. The peg record has deteriorated: the latest 90-day window shows repeated threshold crossings and time spent outside the band. Whatever remains outstanding is a claim on a market that is closing rather than growing.

Updated 2026-10-19 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Backing evidence

USDXL

Overcollateralized

345.3%as reviewed

Review notes & sources (7)

Collateral enabled value: $10.0M
All reserve atoken value: $10.1M
Pool total variable debt: $2.9M
USDXL pool variable debt: 108,924
USDT0 PSM inventory: 0

Reviewed gaps

Liquidation capacity ratioNot applicable
USDXL debt is liquidated through the pooled Aave V3 liquidationCall executed by externally funded liquidators; no USDXL-dedicated pool is contractually committed to debt-offset liquidation.Source

HypurrFi USDXL documentation (CDP borrow and USDT0 mint paths; direct redemptions not enabled)

Reviewed 2026-07-20

Exit evidence

Redemption route · Waiting for section

Redemption evidence loads when the Risk section approaches the viewport.

Control evidence

USDXL Mint Authority

Users mint USDXL against collateral under governance, controlled by a contract; supply is unbounded under adverse authority.

Confidence: VerifiedControl posture: Multisig controlled

Control map

IssuerGoverned CDP

ControlsMinter adminProxy admin Safe2/2

SupplyUSDXLUnbounded, adverse authority

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (2)

HypurrFi USDXL facilitator / borrow contracts (Aave-v3 fork, GHO model; role set frozen)
Minter admin / Contract
hyperevm
MintCap-limited
Mint bounded by overcollateralized borrow positions and GHO-style facilitator bucket capacity within the HypurrFi pooled market. DEFAULT_ADMIN_ROLE, FACILITATOR_MANAGER_ROLE, and BUCKET_MANAGER_ROLE on the token have zero members, so facilitators cannot be added/removed and bucket capacities cannot be raised short of a proxy upgrade.
HypurrFi / Last proxy admin Safe (upgrade authority)
Proxy admin / Safe
hyperevm / 0xf05062...0b4c6e
MintUpgrade-onlySetupSafe, 2/2 thresholdSafe modules/guardNo modules or guards detected

Review notes & sources (13)

USDXL native issuance is on HyperEVM through three GHO-style facilitators. Exact block 49082619 reads on 2026-10-20 confirm the token implementation, the same two proxy-admin Safe owners and threshold two, and all three facilitator identities. The upgrade path remains economically unbounded; a historical pooled-market suspension or an old settlement target does not establish permanent cessation of issuance. HyperCore is a separately reviewed platform-linked representation, not an independently native liability surface.

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-08-16

USDXL Collateral pricing & liquidation

Single-source / laggy

16 branches price collateral from a single-source or laggy feed.

Oracle review: Verified

Max LTV68%

Liquidation delayNone

Pricing path

SourcesPythAggregatorV3Pyth HYPE/USD plus stHYPE share-ratio wrapperPythAggregatorV3Standardized+3 more

AggregatorSingle-source / laggy16 feeds · 16 branches

ConsumerLiquidation engine

Branches

First 5 of 16 · debt shares not measured

HypurrFi pooled WHYPE collateralPricing tier: Single-source / laggyMax LTV 68%
HypurrFi pooled wstHYPE collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled UBTC collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled UETH collateralPricing tier: Single-source / laggyMax LTV 68%
HypurrFi pooled USD₮0 collateralPricing tier: Single-source / laggyMax LTV 65%

+ 11 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth HYPE/USD 0x4279e31cc369bbcc2faf022b382b080e32a8e689ff20fbc530d2a603eb6cd98b -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b times stHYPE totalSupply/totalShares -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth HYPE/USD plus stHYPE share-ratio wrapper · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth BTC/USD 0xe62df6c8b4a85fe1a67db44dc12de5db330f7ac66b72dc658afedf0f4a415b43 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth ETH/USD 0xff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDt0/USD 0x2b89b9dc8fdf9f34709a5b106b472f0f39bb6ca9ce04b0fd7f2e971688e2e53b -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3Standardized · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDHL/USD 0x1497fb795ae65533d36d147b1b88c8b7226866a201589904c13acd314f694799 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth SOL/USD 0x974c7a77dbace44d229be17fc176975e06404b004476aeaff37641818cb0c55a -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b times kHYPE/HYPE exchange rate 0x4478c615e00ffb487aa269b2744ef4e2ddd60851 -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth HYPE/USD plus kHYPE exchange-rate wrapper · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth XAU/USD 0x765d2ba906dbc32ca17cc11f5310a89e9ee1f6420508c63861f2f8ba4ee34bb2 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3Standardized · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth thBILL/USD 0x5b1bc5a579deba54dbaa9bc1c5b2e2b3f116d8d5ec27fbb3b9dc140a78e9f1e2 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth sUSDe/USD 0x271c64ce459937abf721d42552035713b6c58f80eeceab716a624607fda4b10f -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: redemption rate 0xa98f03ad08447c994a229442868043c884159940 times Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pendle redemption-rate plus Pyth HYPE/USD wrapper · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: beHYPE uses the shared Pyth HYPE/USD adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDC/USD 0xeaa020c61cc479712813461ce153894a96a6c00b21ed0cfc2798d1f9a9e9c94a -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3Standardized · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDH/USD 0xf364e785775b4cb2f159ea823f8b5b9b669a4c221a3f845e518ba0e09611c553 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: redemption rate 0xe7a245e2bd5929ef1ea71bf4b296629c7aa14ac5 times Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pendle redemption-rate plus Pyth HYPE/USD wrapper · HyperEVM

HypurrFi pooled USDHL collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled USOL collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled kHYPE collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled XAUt0 collateralPricing tier: Single-source / laggyMax LTV 20%
HypurrFi pooled thBILL collateralPricing tier: Single-source / laggyMax LTV 40%
HypurrFi pooled sUSDe collateralPricing tier: Single-source / laggyMax LTV 20%
HypurrFi pooled PT-kHYPE-13NOV2025 collateralPricing tier: Single-source / laggyMax LTV 1%
HypurrFi pooled beHYPE collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled USDC collateralPricing tier: Single-source / laggyMax LTV 65%
HypurrFi pooled USDH collateralPricing tier: Single-source / laggyMax LTV 65%
HypurrFi pooled PT-kHYPE-19MAR2026 collateralPricing tier: Single-source / laggyMax LTV 1%

HypurrFi pooled WHYPE collateral

WHYPE · max LTV 68% · Liquidation threshold 80%; bonus 12%. Reserve was active and not frozen at the observation block. In eMode category 1 (HYPE Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/95%/3%.

Permissionless Aave V3 liquidationCall is immediate below health factor 1. A liquidator normally covers at most 50% of debt, or 100% when health factor is at or below 0.95; 50% of the liquidation bonus is the protocol share. · liquidation delay None

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HyFiOracle calls the selected source address, which is either a direct Pyth adapter or a collateral wrapper that invokes its nested Pyth adapter and exchange/redemption-rate dependency. getPriceUnsafe has no recency bound, so positive stale values pass. Absent or nonpositive answers select the configured zero-address fallback and fail; selected-source reverts propagate.

Pool roles can freeze or pause reserves. At the observation block USDXL and most collateral reserves were frozen, preventing new activity while existing USDXL debt and supplied collateral remained repayable and liquidatable. The deployed Pool lacks V3.3 deficit APIs and exposes no reviewed automatic residual-debt elimination path; unrecovered debt remains outstanding pending governance or admin action.

HypurrFi pooled wstHYPE collateral

wstHYPE · max LTV 60% · Liquidation threshold 75%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. In eMode category 1 (HYPE Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/95%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled UBTC collateral

UBTC · max LTV 60% · Liquidation threshold 70%; bonus 12%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled UETH collateral

UETH · max LTV 68% · Liquidation threshold 83%; bonus 12%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USD₮0 collateral

USD₮0 · max LTV 65% · Liquidation threshold 80%; bonus 8%. Reserve was active and not frozen at the observation block. In eMode category 2 (USD Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/93%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USDHL collateral

USDHL · max LTV 60% · Liquidation threshold 80%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. In eMode category 2 (USD Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/93%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USOL collateral

USOL · max LTV 60% · Liquidation threshold 70%; bonus 12%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled kHYPE collateral

kHYPE · max LTV 60% · Liquidation threshold 75%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. In eMode category 1 (HYPE Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/95%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled XAUt0 collateral

XAUt0 · max LTV 20% · Liquidation threshold 40%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled thBILL collateral

thBILL · max LTV 40% · Liquidation threshold 60%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. In eMode category 2 (USD Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/93%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled sUSDe collateral

sUSDe · max LTV 20% · Liquidation threshold 40%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. Borrowing this collateral asset itself was disabled; collateral use remained enabled. In eMode category 2 (USD Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/93%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled PT-kHYPE-13NOV2025 collateral

PT-kHYPE-13NOV2025 · max LTV 1% · Liquidation threshold 20%; bonus 8%; matured and retained because it remains collateral-enabled. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. Borrowing this collateral asset itself was disabled; collateral use remained enabled. The matured PT branch is retained because it remains collateral-enabled and callable for existing positions. In eMode category 1 (HYPE Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/95%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled beHYPE collateral

beHYPE · max LTV 60% · Liquidation threshold 75%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. In eMode category 1 (HYPE Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/95%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USDC collateral

USDC · max LTV 65% · Liquidation threshold 80%; bonus 8%. Reserve was active and not frozen at the observation block. In eMode category 2 (USD Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/93%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USDH collateral

USDH · max LTV 65% · Liquidation threshold 80%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. In eMode category 2 (USD Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/93%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled PT-kHYPE-19MAR2026 collateral

PT-kHYPE-19MAR2026 · max LTV 1% · Liquidation threshold 20%; bonus 8%; matured and retained because it remains collateral-enabled. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable. Borrowing this collateral asset itself was disabled; collateral use remained enabled. The matured PT branch is retained because it remains collateral-enabled and callable for existing positions. In eMode category 1 (HYPE Correlated), user-selected eMode overrides LTV/threshold/bonus to 90%/95%/3%.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

Review notes & sources (39)

USDXL's persistent HypurrFi Market Loans facilitator uses one pooled Aave V3 health-factor engine with sixteen collateral-specific oracle branches. Every branch ultimately depends on Pyth through a direct adapter or a selected wrapper; no path enforces price recency. HyFiOracle can select a fallback for absent or nonpositive answers, but the configured fallback is the zero address. eMode categories 1 and 2 override risk parameters for correlated positions; Market Flash Loans and the USDT0 PSM are separate non-liquidation issuance paths.

HypurrFi pooled WHYPE collateral: WHYPE (0x5555555555555555555555555555555555555555) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled wstHYPE collateral: wstHYPE (0x94e8396e0869c9F2200760aF0621aFd240E1CF38) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x5777A35EED45CFD605daD5d3D7B531aC2F409cD1 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled UBTC collateral: UBTC (0x9FDBdA0A5e284c32744D2f17Ee5c74B284993463) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xfD5c563391CDA3B290394da1D6c6a36A3cbf401D feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled UETH collateral: UETH (0xBe6727B535545C67d5cAa73dEa54865B92CF7907) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x44Bbb85E5B1799569dD02054Cfb38028656Ae30A feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USD₮0 collateral: USD₮0 (0xB8CE59FC3717ada4C02eaDF9682A9e934F625ebb) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x58Ea071Bed56c6C606686035eDB5270D9920Ca95 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USDHL collateral: USDHL (0xb50A96253aBDF803D85efcDce07Ad8becBc52BD5) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x1a6A7eD67d52f9712C5F8150C773dD08B21CDEC7 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USOL collateral: USOL (0x068f321Fa8Fb9f0D135f290Ef6a3e2813e1c8A29) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xD79b997699C9A917c7Ce8E63483dBB2fa6526B07 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled kHYPE collateral: kHYPE (0xfD739d4e423301CE9385c1fb8850539D657C296D) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xE861F6e8D140d78efFae6dd1755E8C6962Bb1f4F feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled XAUt0 collateral: XAUt0 (0xf4D9235269a96aaDaFc9aDAe454a0618eBE37949) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xaA5CDCeB1AA866E89968F22CE7f17D330e43ed01 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled thBILL collateral: thBILL (0xfDD22Ce6D1F66bc0Ec89b20BF16CcB6670F55A5a) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x592F1dB133F1e8f20253cBe506B0B393FCE7aFbf feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled sUSDe collateral: sUSDe (0x211Cc4DD073734dA055fbF44a2b4667d5E5fE5d2) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xc2E5f286Caf47257C42397518CAF41987a34a582 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled PT-kHYPE-13NOV2025 collateral: PT-kHYPE-13NOV2025 (0x311dB0FDe558689550c68355783c95eFDfe25329) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x291ABb9f62f0152b441d4C6ECC03765439572168 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled beHYPE collateral: beHYPE (0xd8FC8F0b03eBA61F64D08B0bef69d80916E5DdA9) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USDC collateral: USDC (0xb88339CB7199b77E23DB6E890353E22632Ba630f) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x94F71bCa20954A1E2ced722e4a9798bAAA8dF45F feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USDH collateral: USDH (0x111111a1a0667d36bD57c0A9f569b98057111111) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x2a6590B3054D6024b3AFE0E6e86F1Ec9DF7e8cb1 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled PT-kHYPE-19MAR2026 collateral: PT-kHYPE-19MAR2026 (0xea84ca9849D9e76a78B91F221F84e9Ca065FC9f5) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x000C297b3b094624AE96c33a7411b7Ea9bA7a397 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.

Reviewed 2026-07-14

USDXL

Mixed tiers

2 routes on 2 chains, 2 tiers, largest native (1); weakest issuer burn & mint. No third-party routes.

Confidence: Verified

Routes by chain (2)

Equal widths, supply split unavailable

Review notes & sources (7)

USDXL is minted natively on HyperEVM through HypurrFi's CDP facilitators. The HyperCore row is a platform-native, system-address-linked representation: official HIP-1 and Core/EVM transfer documentation require the EVM system address to hold the corresponding EVM supply and describe reflection between Core and EVM, so HyperCore is not independent native mint authority. No third-party USDXL bridge minter, DVN, validator set, or rate-limit contract was identified; the reviewed platform route retains the issuer-native-burn-mint tier.

Reviewed 2026-08-16

USDXL

Possible

An admin control could restrict holders, but the review found no active power to freeze or seize a specific holder's balance on its material deployments. Typical cases are a global transfer pause, an upgradeable token contract, or a blacklist role that exists but is unassigned.

Sourced review

Power and scope

PowerPossible

ScopeCanonical · RestrictableBridged · Permissionless

Reviewed deployments (2)

HyperEVMCanonical · Restrictable
Hyperliquid L1Bridged · Permissionless

Transfer posture reviewed 2026-08-08.

Review notes & sources (13)

USDXL has a material direct mutable token implementation. At HyperEVM block48936031 (2026-10-19T06:14:34Z), proxy0xca79db4b49f608ef54a5cb813fbed3a6387bc645 retained implementation0xce23355599cdbe5dca05186c5d9d5b37d959b27f and EIP-1967 admin0xf050623d497be7ea6653fd205a537d10300b4c6e; that Safe returned getThreshold()=2, consistent with the prior2-of-2 review. The pinned GHO-style source retains ordinary transfer/transferFrom; facilitator burn destroys the caller's own balance. No current holder blacklist, transfer pause, seizure, arbitrary-holder burn or transfer hook was identified. The live admin can replace implementation, giving direct Possible. The census Hyperliquid L1 label aggregates the deployment family rather than proving100% HIP-1 holder supply. Hyperliquid spotMeta identifies token239, tokenId0xf448c3cad413cdf0feb1746d7b057967, linked to this ERC-20 with11 extra decimals. HyperEVM totalSupply was112051.72122775436 and balanceOf(system address0x20000000000000000000000000000000000000ef) was2029.3204620043523. Under documented Core/EVM accounting this puts98.18894307% outside bridge escrow on HyperEVM and1.81105693% backing HyperCore balances, so the proxy deployment is unambiguously material. tokenDetails retains the88b genesis system allocation and empty genesis.blacklistUsers; that genesis reserve is not a circulating-denominator substitute. HIP-1 exposes no current issuer-specific holder restriction. No variantOf or inheritedFrom parent is declared. USDT0 reserve/PSM exposure is documented, but no complete current debt-weighted backing composition establishes a strict>50% upstream share; pool cash or eligible collateral lists cannot supply that denominator. Direct Possible takes precedence regardless.

Reviewed 2026-10-19

Regulatory standing

Not reviewed

No direct public redemption rail

USDXL is minted and repaid through HypurrFi debt positions. Pharos does not model a redemption backstop because public Last/HypurrFi materials reviewed do not expose an enabled direct 1:1 holder redemption route.

Implementation date not publicly established

Safety Score V9 implementation-date review on 2026-07-14 checked the current Last, HypurrFi, and USDXL deployment materials but found no reliable dated launch or implementation event for the scored USDXL implementation; no date is inferred.

Key links

Website Twitter HypurrFi (mint venue)USDXL GSM redemption app HyperEVM USDXL GSM proxy Verified GSMWithHyFiPool implementation

USDXL Contracts

2 deployments tracked across HyperEVM and Hyperliquid L1.

Primary contract

HyperEVM

0xca79...c645

View on HyperEVM explorer

HyperEVM0xca79...c645

Hyperliquid L10xf448...7967

Contract addresses (2)

HyperEVM 0xca79db4b49f608ef54a5cb813fbed3a6387bc645
Hyperliquid L1 0xf448c3cad413cdf0feb1746d7b057967

Supply & Liquidity

History

Explore

Explore next

Move from this coin into the next useful surface: peer benchmarks, taxonomy cohorts, or live trackers that add context to what you just read.

Peers

All US Dollar stablecoins

DAI

Depeg history

USDXL depeg May 2026 USDXL depeg May 2026

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all CDP stablecoins

Actions

Open USDXL in live compare Set USDXL Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Safety

D· 45/100

as of 2026-11-10

Peg Liquidity47· as of 2026-11-10 DEWSWatch· 28/100 · as of 2026-11-10

Collateralization

Overcollateralized

345.3%as reviewed

Details & sources (7)

Collateral enabled value: $10.0M
All reserve atoken value: $10.1M
Pool total variable debt: $2.9M
USDXL pool variable debt: 108,924
USDT0 PSM inventory: 0

Reviewed gaps

Liquidation capacity ratioNot applicable
USDXL debt is liquidated through the pooled Aave V3 liquidationCall executed by externally funded liquidators; no USDXL-dedicated pool is contractually committed to debt-offset liquidation.Source

HypurrFi USDXL documentation (CDP borrow and USDT0 mint paths; direct redemptions not enabled)

Reviewed 2026-07-20

Access posture

Loading published access posture…

Regulatory standing

Not reviewed

Price Transparency

$0.9875

Single-sourceSources 1/3

Sources

CoinGecko

Key links

Website Twitter HypurrFi (mint venue)USDXL GSM redemption app HyperEVM USDXL GSM proxy Verified GSMWithHyFiPool implementation

USDXL Contracts

HyperEVM0xca79...c645

Hyperliquid L10xf448...7967

News

Loading recent events…

Evidence index

Exit

Redemption routeWaiting for section

Control

Mint AuthorityMint score loading
Collateral pricing & liquidationSingle-source / laggy
Bridging & deploymentsMixed tiers
Freeze & seizurePossible

Profile

USDXL profile facts

Last USD (USDXL) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.

CeFi-Dependent Crypto-Collateralized US Dollar

Collateral: Position-backed synthetic dollar minted against blue-chip overcollateralized positions on HypurrFi's Aave V3 fork on HyperEVM, with protocol-owned liquidity and stablecoin reserves including USDT0 supporting secondary liquidity. Eligible borrow collateral includes HYPE and HYPE LSTs, bridged BTC, and ETH.
Peg mechanism: Users open overcollateralized CDP-style borrows on HypurrFi and mint USDXL against their position; repayment burns it. The HyperEVM GSM is two-way at the configured rate: depositing USDT0 mints USDXL and burning USDXL returns USDT0, subject to liquidity, fees and swap-freeze or seizure controls; no full-supply redemption guarantee.
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.

USDXL quick answers

What is Last USD (USDXL)?

USDXL is Last's CDP-style synthetic dollar on HypurrFi, with a liquidity-limited on-chain redemption path into USDT0. The static profile records its US Dollar peg mechanism as: Users open overcollateralized CDP-style borrows on HypurrFi and mint USDXL against their position; repayment burns it.

Is USDXL safe?

As of Nov 10, 2026, Pharos grades USDXL D (45/100) 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 is a low-band grade, which flags significant structural risk. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs USDXL?

Pharos records USDXL's reserves as of Jul 30, 2026 as 100% Current USDXL borrower collateral and protocol liquidity (allocation undisclosed). Reserve evidence: curated reserve profile. Pharos classifies the backing as Crypto-Collateralized.

Can USDXL 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 USDXL?

Under the route Pharos reviewed on Oct 11, 2026, any holder can redeem USDXL for USDT. 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.

Backing evidence

USDXL

Overcollateralized

345.3%as reviewed

Review notes & sources (7)

Collateral enabled value: $10.0M
All reserve atoken value: $10.1M
Pool total variable debt: $2.9M
USDXL pool variable debt: 108,924
USDT0 PSM inventory: 0

Reviewed gaps

Liquidation capacity ratioNot applicable
USDXL debt is liquidated through the pooled Aave V3 liquidationCall executed by externally funded liquidators; no USDXL-dedicated pool is contractually committed to debt-offset liquidation.Source

HypurrFi USDXL documentation (CDP borrow and USDT0 mint paths; direct redemptions not enabled)

Reviewed 2026-07-20

Control evidence

USDXL Mint Authority

Users mint USDXL against collateral under governance, controlled by a contract; supply is unbounded under adverse authority.

Confidence: VerifiedControl posture: Multisig controlled

Control map

IssuerGoverned CDP

ControlsMinter adminProxy admin Safe2/2

SupplyUSDXLUnbounded, adverse authority

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (2)

HypurrFi USDXL facilitator / borrow contracts (Aave-v3 fork, GHO model; role set frozen)
Minter admin / Contract
hyperevm
MintCap-limited
Mint bounded by overcollateralized borrow positions and GHO-style facilitator bucket capacity within the HypurrFi pooled market. DEFAULT_ADMIN_ROLE, FACILITATOR_MANAGER_ROLE, and BUCKET_MANAGER_ROLE on the token have zero members, so facilitators cannot be added/removed and bucket capacities cannot be raised short of a proxy upgrade.
HypurrFi / Last proxy admin Safe (upgrade authority)
Proxy admin / Safe
hyperevm / 0xf05062...0b4c6e
MintUpgrade-onlySetupSafe, 2/2 thresholdSafe modules/guardNo modules or guards detected

Review notes & sources (13)

Control posture

Material control is classified as requiring approval from a defined group of signers through a multisignature account.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-08-16

USDXL Collateral pricing & liquidation

Single-source / laggy

16 branches price collateral from a single-source or laggy feed.

Oracle review: Verified

Max LTV68%

Liquidation delayNone

Pricing path

SourcesPythAggregatorV3Pyth HYPE/USD plus stHYPE share-ratio wrapperPythAggregatorV3Standardized+3 more

AggregatorSingle-source / laggy16 feeds · 16 branches

ConsumerLiquidation engine

Branches

First 5 of 16 · debt shares not measured

HypurrFi pooled WHYPE collateralPricing tier: Single-source / laggyMax LTV 68%
HypurrFi pooled wstHYPE collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled UBTC collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled UETH collateralPricing tier: Single-source / laggyMax LTV 68%
HypurrFi pooled USD₮0 collateralPricing tier: Single-source / laggyMax LTV 65%

+ 11 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth HYPE/USD 0x4279e31cc369bbcc2faf022b382b080e32a8e689ff20fbc530d2a603eb6cd98b -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b times stHYPE totalSupply/totalShares -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth HYPE/USD plus stHYPE share-ratio wrapper · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth BTC/USD 0xe62df6c8b4a85fe1a67db44dc12de5db330f7ac66b72dc658afedf0f4a415b43 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth ETH/USD 0xff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDt0/USD 0x2b89b9dc8fdf9f34709a5b106b472f0f39bb6ca9ce04b0fd7f2e971688e2e53b -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3Standardized · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDHL/USD 0x1497fb795ae65533d36d147b1b88c8b7226866a201589904c13acd314f694799 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth SOL/USD 0x974c7a77dbace44d229be17fc176975e06404b004476aeaff37641818cb0c55a -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b times kHYPE/HYPE exchange rate 0x4478c615e00ffb487aa269b2744ef4e2ddd60851 -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth HYPE/USD plus kHYPE exchange-rate wrapper · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth XAU/USD 0x765d2ba906dbc32ca17cc11f5310a89e9ee1f6420508c63861f2f8ba4ee34bb2 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3Standardized · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth thBILL/USD 0x5b1bc5a579deba54dbaa9bc1c5b2e2b3f116d8d5ec27fbb3b9dc140a78e9f1e2 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth sUSDe/USD 0x271c64ce459937abf721d42552035713b6c58f80eeceab716a624607fda4b10f -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: redemption rate 0xa98f03ad08447c994a229442868043c884159940 times Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pendle redemption-rate plus Pyth HYPE/USD wrapper · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: beHYPE uses the shared Pyth HYPE/USD adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3 · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDC/USD 0xeaa020c61cc479712813461ce153894a96a6c00b21ed0cfc2798d1f9a9e9c94a -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · PythAggregatorV3Standardized · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: Pyth USDH/USD 0xf364e785775b4cb2f159ea823f8b5b9b669a4c221a3f845e518ba0e09611c553 -> adapter -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pyth-compatible adapter · HyperEVM
Pyth contract 0xe9d69CdD6Fe41e7B621B4A688C5D1a68cB5c8ADc: redemption rate 0xe7a245e2bd5929ef1ea71bf4b296629c7aa14ac5 times Pyth HYPE/USD adapter 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b -> wrapper -> HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8 -> Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b pooled health factor · Pendle redemption-rate plus Pyth HYPE/USD wrapper · HyperEVM

HypurrFi pooled USDHL collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled USOL collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled kHYPE collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled XAUt0 collateralPricing tier: Single-source / laggyMax LTV 20%
HypurrFi pooled thBILL collateralPricing tier: Single-source / laggyMax LTV 40%
HypurrFi pooled sUSDe collateralPricing tier: Single-source / laggyMax LTV 20%
HypurrFi pooled PT-kHYPE-13NOV2025 collateralPricing tier: Single-source / laggyMax LTV 1%
HypurrFi pooled beHYPE collateralPricing tier: Single-source / laggyMax LTV 60%
HypurrFi pooled USDC collateralPricing tier: Single-source / laggyMax LTV 65%
HypurrFi pooled USDH collateralPricing tier: Single-source / laggyMax LTV 65%
HypurrFi pooled PT-kHYPE-19MAR2026 collateralPricing tier: Single-source / laggyMax LTV 1%

HypurrFi pooled WHYPE collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled wstHYPE collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled UBTC collateral

UBTC · max LTV 60% · Liquidation threshold 70%; bonus 12%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled UETH collateral

UETH · max LTV 68% · Liquidation threshold 83%; bonus 12%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USD₮0 collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USDHL collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USOL collateral

USOL · max LTV 60% · Liquidation threshold 70%; bonus 12%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled kHYPE collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled XAUt0 collateral

XAUt0 · max LTV 20% · Liquidation threshold 40%; bonus 8%. Reserve was active but frozen at the observation block; existing supplied collateral and debt remain repayable and liquidatable.

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled thBILL collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled sUSDe collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled PT-kHYPE-13NOV2025 collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled beHYPE collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USDC collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled USDH collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

HypurrFi pooled PT-kHYPE-19MAR2026 collateral

No Stability Pool, auction, insurance, or automatic USDXL deficit backstop is present in the reviewed deployed fork.

Review notes & sources (39)

HypurrFi pooled WHYPE collateral: WHYPE (0x5555555555555555555555555555555555555555) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled wstHYPE collateral: wstHYPE (0x94e8396e0869c9F2200760aF0621aFd240E1CF38) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x5777A35EED45CFD605daD5d3D7B531aC2F409cD1 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled UBTC collateral: UBTC (0x9FDBdA0A5e284c32744D2f17Ee5c74B284993463) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xfD5c563391CDA3B290394da1D6c6a36A3cbf401D feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled UETH collateral: UETH (0xBe6727B535545C67d5cAa73dEa54865B92CF7907) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x44Bbb85E5B1799569dD02054Cfb38028656Ae30A feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USD₮0 collateral: USD₮0 (0xB8CE59FC3717ada4C02eaDF9682A9e934F625ebb) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x58Ea071Bed56c6C606686035eDB5270D9920Ca95 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USDHL collateral: USDHL (0xb50A96253aBDF803D85efcDce07Ad8becBc52BD5) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x1a6A7eD67d52f9712C5F8150C773dD08B21CDEC7 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USOL collateral: USOL (0x068f321Fa8Fb9f0D135f290Ef6a3e2813e1c8A29) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xD79b997699C9A917c7Ce8E63483dBB2fa6526B07 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled kHYPE collateral: kHYPE (0xfD739d4e423301CE9385c1fb8850539D657C296D) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xE861F6e8D140d78efFae6dd1755E8C6962Bb1f4F feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled XAUt0 collateral: XAUt0 (0xf4D9235269a96aaDaFc9aDAe454a0618eBE37949) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xaA5CDCeB1AA866E89968F22CE7f17D330e43ed01 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled thBILL collateral: thBILL (0xfDD22Ce6D1F66bc0Ec89b20BF16CcB6670F55A5a) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x592F1dB133F1e8f20253cBe506B0B393FCE7aFbf feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled sUSDe collateral: sUSDe (0x211Cc4DD073734dA055fbF44a2b4667d5E5fE5d2) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0xc2E5f286Caf47257C42397518CAF41987a34a582 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled PT-kHYPE-13NOV2025 collateral: PT-kHYPE-13NOV2025 (0x311dB0FDe558689550c68355783c95eFDfe25329) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x291ABb9f62f0152b441d4C6ECC03765439572168 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled beHYPE collateral: beHYPE (0xd8FC8F0b03eBA61F64D08B0bef69d80916E5DdA9) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x1d0E4EA616A749c1620118F7d97c111e8ec36E8b feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USDC collateral: USDC (0xb88339CB7199b77E23DB6E890353E22632Ba630f) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x94F71bCa20954A1E2ced722e4a9798bAAA8dF45F feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled USDH collateral: USDH (0x111111a1a0667d36bD57c0A9f569b98057111111) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x2a6590B3054D6024b3AFE0E6e86F1Ec9DF7e8cb1 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.
HypurrFi pooled PT-kHYPE-19MAR2026 collateral: PT-kHYPE-19MAR2026 (0xea84ca9849D9e76a78B91F221F84e9Ca065FC9f5) is a collateral-enabled reserve in HypurrFi Pool 0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b. Its selected source 0x000C297b3b094624AE96c33a7411b7Ea9bA7a397 feeds HyFiOracle 0x9BE2ac1ff80950DCeb816842834930887249d9A8; the branch ultimately depends on Pyth and has no contract-enforced freshness bound or secondary source.

Reviewed 2026-07-14

USDXL

Mixed tiers

2 routes on 2 chains, 2 tiers, largest native (1); weakest issuer burn & mint. No third-party routes.

Confidence: Verified

Routes by chain (2)

Equal widths, supply split unavailable

Review notes & sources (7)

Reviewed 2026-08-16

USDXL

Possible

Sourced review

Power and scope

PowerPossible

ScopeCanonical · RestrictableBridged · Permissionless

Reviewed deployments (2)

HyperEVMCanonical · Restrictable
Hyperliquid L1Bridged · Permissionless

Transfer posture reviewed 2026-08-08.

Review notes & sources (13)

Reviewed 2026-10-19

Regulatory standing

Not reviewed

Last USD (USDXL)

HypurrFi market closure deadline

Last USD in Wind-Down

Backing evidence

USDXL Collateralization

Exit evidence

Redemption route · Waiting for section

Control evidence

USDXL Mint Authority

Control posture

USDXL Collateral pricing & liquidation

Branches

Feeds

HypurrFi pooled WHYPE collateral

HypurrFi pooled wstHYPE collateral

HypurrFi pooled UBTC collateral

HypurrFi pooled UETH collateral

HypurrFi pooled USD₮0 collateral

HypurrFi pooled USDHL collateral

HypurrFi pooled USOL collateral

HypurrFi pooled kHYPE collateral

HypurrFi pooled XAUt0 collateral

HypurrFi pooled thBILL collateral

HypurrFi pooled sUSDe collateral

HypurrFi pooled PT-kHYPE-13NOV2025 collateral

HypurrFi pooled beHYPE collateral

HypurrFi pooled USDC collateral

HypurrFi pooled USDH collateral

HypurrFi pooled PT-kHYPE-19MAR2026 collateral

USDXL Bridging & deployments

USDXL Freeze & seizure

Regulatory standing

Key links

USDXL Contracts

Supply & Liquidity#

History#

Explore#

Explore next

USDXL profile facts

USDXL quick answers

Last USD (USDXL)

HypurrFi market closure deadline

Last USD in Wind-Down

USDXL Mechanism

Peg mechanism

Collateral

Peg mechanism

Collateral

Mechanism review

USDXL Reserves

Backing evidence

USDXL Collateralization

Exit evidence

Redemption route · Waiting for section

Control evidence

USDXL Mint Authority

Control posture

USDXL Collateral pricing & liquidation

Branches

Feeds

HypurrFi pooled WHYPE collateral

HypurrFi pooled wstHYPE collateral

HypurrFi pooled UBTC collateral

HypurrFi pooled UETH collateral

HypurrFi pooled USD₮0 collateral

HypurrFi pooled USDHL collateral

HypurrFi pooled USOL collateral

HypurrFi pooled kHYPE collateral

HypurrFi pooled XAUt0 collateral

HypurrFi pooled thBILL collateral

HypurrFi pooled sUSDe collateral

HypurrFi pooled PT-kHYPE-13NOV2025 collateral

HypurrFi pooled beHYPE collateral

HypurrFi pooled USDC collateral

HypurrFi pooled USDH collateral

HypurrFi pooled PT-kHYPE-19MAR2026 collateral

USDXL Bridging & deployments

USDXL Freeze & seizure

Regulatory standing

Key links

USDXL

USDXL

USDXL

Supply & Liquidity

History

Explore

USDXL

USDXL

USDXL

Supply & Liquidity

History

Explore