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USDXL is HypurrFi’s Hyperliquid-native hybrid CDP synthetic dollar. The debt mechanics incentivize market-buying to support a peg target of $1. CDPs work differently than stablecoins like USDC or USDT0 — USDXL is fundamentally a dollar-denominated debt position. The HypurrFi protocol contracts are your counterparty, not the HypurrFi team or other lenders. USDXL is backed by a partial reserve of stablecoins (primarily USDT0), protocol-owned liquidity in HypurrFi Markets, and Balancer DEX AMM pools. The fees generated by these positions grow USDXL liquidity and the overall reserve. Direct redemptions are not currently enabled but will be in the future.

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How to Get USDXL

There are two ways to acquire USDXL:

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Option 1: Mint via CDP (Borrow)

Mint USDXL by depositing collateral and borrowing against it:
  1. Go to the USDXL section in Pooled Markets
  2. Supply a supported collateral asset (e.g., HYPE, wstHYPE, ETH)
  3. Select Borrow and choose USDXL
  4. Enter the amount to mint — stay within safe LTV limits
  5. Confirm the transaction
You now hold USDXL as a debt position. Interest accrues at the dynamic borrow rate (see below).

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Option 2: Mint with USDT0

Mint USDXL directly using USDT0:
  1. Go to the USDXL mint interface
  2. Enter the amount of USDT0 to convert
  3. Confirm the transaction
This gives you USDXL without taking on a collateralized debt position.

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What to Do with USDXL

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Provide Liquidity on Balancer

Earn yield by LPing your USDXL in boosted Balancer pools:
  • USDXL/hyUSDT0 — stableswap pool for stablecoin pairs
  • USDXL/HYPE — for HYPE exposure alongside your USDXL
LPs earn swap fees plus boosted incentives funded by USDXL borrow revenue.

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Additional Deposit Opportunities

More deposit and yield options for USDXL are coming soon across the Hyperliquid DeFi ecosystem.

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Dynamic Borrow Rate Controller

USDXL uses a target rate that responds to real market conditions. When USDXL is off peg, the borrow rate adjusts dynamically to encourage market activity that restores the peg.

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Reflexive Fee Distribution

Instead of purely punitive mechanics, USDXL rewards peg-supportive behavior:
  • USDXL/hyUSDT0 boosted Balancer stableswap pool
  • USDXL/HYPE boosted Balancer pool
  • Borrow revenue pays LPs in boosted incentives