> For the complete documentation index, see [llms.txt](https://doc.monetrix.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.monetrix.xyz/readme.md).

# Introduction

The first fully on-chain yield-bearing stable token, native to Hyperliquid.

## A stable dollar that actually earns

**Monetrix is the first fully on-chain yield-bearing stable token, native to Hyperliquid.**

Every synthetic dollar before this one leaned on a centralized exchange somewhere, for custody, for hedging, or both. Monetrix removes the CEX from the path. Every position, every hedge, every rebalance is an on-chain event you can verify in real time.

> Money, Yield. Powered by Hyperliquid.

***

## Two tokens, one idea

{% hint style="success" %}
**USDM**: mint 1:1 from USDC. A dollar-pegged stable token, redeemable back to USDC.\
**sUSDM**: stake USDM to receive sUSDM. Yield accrues as the sUSDM/USDM exchange rate grows.
{% endhint %}

Behind the scenes, for every dollar of USDM, the Monetrix vault:

* **Hedges** spot collateral with short perpetuals (delta-neutral, price-immune)
* **Captures** funding rate + spot lending + maker rebates + HLP yield
* **Rebalances** automatically to stay out of ADL risk
* **Distributes** all earnings into the sUSDM exchange rate

You hold sUSDM. The rate grows. That's it. No claiming, no compounding, no switching.

***

## Why it matters

{% hint style="warning" %}
On **October 11, 2025**, a Binance oracle error caused Ethena's USDe to depeg to **$0.65**, triggering billions in forced liquidations, despite the underlying delta-neutral math being sound.
{% endhint %}

The failure wasn't in the strategy. It was in the execution venue. Every CEX-custodied synthetic dollar carries that risk, and users can't see it coming until the peg is already broken.

Monetrix runs a delta-neutral strategy **on Hyperliquid's on-chain orderbook**, with Portfolio Margin-unified collateral and a Native Anti-ADL Shield. There is no CEX in the path, nothing off-chain to trust, and every component is auditable by anyone, any time.

***

## Start here

{% hint style="info" %}
New here? Walk through [**Getting Started**](/guide/getting-started.md). It covers the full flow in five steps.
{% endhint %}

* [**Mint USDM**](/guide/getting-started/mint.md) → deposit USDC, receive USDM 1:1
* [**Stake USDM**](/guide/getting-started/stake.md) → receive sUSDM, yield begins
* [**Redeem USDM**](/guide/getting-started/redeem.md) → convert back to USDC (with cooldown)
* [**FAQ**](/guide/getting-started/faq.md) → short answers to common questions

***

## Monetrix Pilot

Monetrix Pilot is a separate, account-based strategy managed in a user-controlled Hyperliquid account. Start with the [Pilot overview](/monetrix-pilot/pilot.md) and [eligibility and setup](/monetrix-pilot/guides/eligibility-setup.md).