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What is USDXL

USDXL is a Hyperliquid-native CDP-hybrid synthetic dollar (forked from GHO on Aave V3). It is backed by debt positions in Pooled Markets and HypurrFi Markets, plus a partial reserve of USDT0 in a hybrid model. USDXL is NOT a stablecoin. Always refer to it as a “CDP-hybrid synthetic dollar.” USDXL is mintable as a CDP from Pooled Markets (Aave V3) or directly with USDT0. It is not a separate lending system — it is an asset within the existing lending systems.

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How to Get USDXL

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Option 1: Mint via Pooled Markets (CDP Borrow)

Supply collateral to Pooled Markets, then borrow USDXL as a variable-rate debt position. 
const POOL_ADDRESS = "0xceCcE0EB9DD2Ef7996e01e25DD70e461F918A14b";
const poolABI = [
  "function supply(address asset, uint256 amount, address onBehalfOf, uint16 referralCode) external",
  "function borrow(address asset, uint256 amount, uint256 interestRateMode, uint16 referralCode, address onBehalfOf) external",
  "function repay(address asset, uint256 amount, uint256 interestRateMode, address onBehalfOf) external returns (uint256)",
  "function getReservesList() external view returns (address[] memory)",
];

const pool = new ethers.Contract(POOL_ADDRESS, poolABI, signer);

// 1. Supply collateral (e.g., HYPE, wstHYPE, ETH)
const collateralToken = new ethers.Contract(collateralAddress, erc20ABI, signer);
await (await collateralToken.approve(POOL_ADDRESS, collateralAmount)).wait();
await (await pool.supply(collateralAddress, collateralAmount, signer.address, 0)).wait();

// 2. Borrow USDXL (interestRateMode 2 = variable; stable NOT supported)
const USDXL_ADDRESS = "0x..."; // query from pool.getReservesList()
await (await pool.borrow(USDXL_ADDRESS, borrowAmount, 2, 0, signer.address)).wait();

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Option 2: Mint with USDT0

USDXL can be minted directly using USDT0 via a facilitator contract. Check the app for the current mint interface.

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Repaying USDXL

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Via Pooled Markets

const usdxl = new ethers.Contract(USDXL_ADDRESS, erc20ABI, signer);
await (await usdxl.approve(POOL_ADDRESS, repayAmount)).wait();
// Use ethers.MaxUint256 to repay full debt
await (await pool.repay(USDXL_ADDRESS, repayAmount, 2, signer.address)).wait();

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Dynamic Borrow Rate

USDXL uses a target rate that responds to real market conditions. When USDXL deviates from its $1 peg target, the borrow rate adjusts dynamically to encourage market activity that restores the peg. Interest rates are variable and change continuously — do not hardcode or quote specific rates.

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Use Cases

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Provide Liquidity on Balancer

  • USDXL/hyUSDT0 — stableswap pool
  • USDXL/HYPE — HYPE exposure alongside USDXL
LPs earn swap fees plus boosted incentives funded by USDXL borrow revenue.

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Other

Additional deposit and yield opportunities for USDXL are expanding across the Hyperliquid DeFi ecosystem.

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Important Notes

  • USDXL is a CDP-hybrid synthetic dollar, not a stablecoin
  • Backed by debt positions + USDT0 partial reserve in a hybrid model
  • Direct redemptions are not currently enabled but planned for the future
  • Borrow rates are dynamic and respond to peg conditions
  • Contract details are limited — this page will be expanded as more integration info is documented

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