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



# Last USD (USDXL)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Last USD (USDXL) is a {{term:cdp}}CDP{{/term}}-style synthetic dollar minted on HypurrFi (Aave V3 fork on HyperEVM), drawn against HYPE, HYPE LSTs, UBTC, and ETH collateral with {{term:liquidation}}liquidation{{/term}} as the only peg defense. Last USD (USDXL) is a crypto-collateralized synthetic dollar minted on HypurrFi, an Aave V3 fork on HyperEVM operated by Last. Users open {{term:overcollateralization}}overcollateralization{{/term}} borrowing positions against HYPE, HYPE LSTs, bridged BTC (UBTC), and ETH, then draw USDXL against that collateral — closer to a {{term:cdp}}CDP{{/term}} than to a 1:1 reserve-backed dollar. Repaying the loan burns the synthetic, and undercollateralized positions are hit with {{term:liquidation}}liquidation{{/term}} to defend the peg. Circulating supply sits in the low single-digit millions, with the asset {{term:bridge}}bridge{{/term}}d between Hyperliquid's HyperEVM (18 decimals) and Hyperliquid L1 spot (8 decimals).

## 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 the synthetic dollar. Liquidations and protocol-owned liquidity defend the peg, but public docs do not describe an enabled direct 1:1 holder redemption against issuer reserves.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| hyperevm | `0xca79db4b49f608ef54a5cb813fbed3a6387bc645` | 18 |
| hyperliquid | `0xf448c3cad413cdf0feb1746d7b057967` | 8 |

## Live Data

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