Felix feUSD (FEUSD): What Holding It Means

FEUSD is a dollar-pegged stablecoin from Felix, a borrowing and lending protocol on Hyperliquid L1. Holding it may let you use on-chain liquidity or participate in Felix products, including borrowing and lending. Felix also describes a stability pool as a way for feUSD holders to earn yield; that involves protocol risk and is not a guaranteed return.

Felix says you can mint and redeem feUSD directly against HYPE, UBTC and kHYPE collateral. The protocol describes redemption as worth $1 of collateral per feUSD, but that target does not mean the token will always trade at exactly $1 or that redemption is immediate or available in every situation. Check the protocol’s current terms, collateral requirements and available functions before relying on it for payments or as a cash substitute.

FEUSD is issued on Hyperliquid L1. The project is not described as a native token of any other chain, and no supported bridge or wrapped version is identified here. Treat tokens with the same ticker on other networks as separate until you verify their issuer and contract.

To store FEUSD yourself, you need a wallet that supports Hyperliquid L1 and the correct FEUSD asset. Do not rely on a ticker or token name alone: check the network and token details in Felix or your wallet before receiving or sending funds. No particular wallet, contract address or hardware-wallet compatibility is specified for feUSD. If you use a custodian or exchange, confirm that it supports withdrawals and deposits on Hyperliquid L1; a listing on one network does not mean it supports every version.

FEUSD aims to track the U.S. dollar through collateral and Felix’s mint-and-redeem mechanism. That is a design goal, not a guarantee that the market price will stay at $1. As of 2026-11-08, feUSD traded at about $1.001, with a market capitalization of about $75.1 million and fully diluted valuation of about $8.90 billion.

Reported circulating supply was about 75.0 million FEUSD, against a total supply of about 8.90 billion. No maximum supply is listed. The large difference between circulating and total supply means you should not treat the circulating figure as the whole potential supply; the project does not publish here what accounts for the difference or how it may change. Minting and redemption, as well as changes in demand, collateral confidence and market liquidity, can affect supply and the market price.

The clearest stated way to create feUSD is to mint it through Felix using supported collateral: HYPE, UBTC or kHYPE. Felix also says holders can redeem feUSD directly for collateral. Check the protocol’s current collateral ratios, limits and transaction conditions before using either function; those details are not specified here.

You may also encounter FEUSD through a compatible trading venue or from another holder, but no particular venue or peer-to-peer route is identified. Before accepting a transfer, confirm that the asset is FEUSD on Hyperliquid L1 and that your wallet can receive it. Keep your recovery phrase offline and private, and consider a small test transfer when sending to a new address. These are general custody precautions, not a guarantee against mistakes, wallet compromise or protocol failure.

Moving FEUSD on Hyperliquid L1 requires a network transaction, so expect a network fee shown by your wallet before you confirm. The fee can vary with network conditions; Felix does not publish a fixed transfer fee here. Minting or redeeming may involve additional protocol charges or transaction costs, but no fee schedule is specified. Review the transaction screen and Felix’s current terms rather than assuming redemption is cost-free.

No supported bridge is identified for FEUSD. If you choose to move a token across chains through a third-party bridge, you may face bridge charges, fees on both networks, delays and smart-contract or liquidity risks. Do not send native FEUSD to a different network address unless Felix and the receiving service explicitly support that route. A low quoted fee does not make an unsupported transfer safe.

FEUSD carries the risks of a crypto-backed stablecoin: its market price can slip below $1, collateral can lose value, and on-chain liquidity may be limited when you need to exit. A redemption promise depends on Felix’s protocol and its ability to operate; smart-contract flaws, governance decisions, oracle problems or disruption to Hyperliquid L1 could also affect access or value. The project’s audit status is not specified here, so do not assume the contracts have been independently audited.

As of 2026-11-08, the reported all-time low was about $0.706 on 2025-10-10, and the all-time high was about $1.067 on 2025-04-02. Those past deviations show that a dollar target is not a fixed market price. Felix’s launch date is not specified. Only hold or use an amount you can afford to lose, and verify redemption availability before depending on it.