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
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.
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
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.
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
New here? Walk through Getting Started. It covers the full flow in five steps.
Mint USDM → deposit USDC, receive USDM 1:1
Stake USDM → receive sUSDM, yield begins
Redeem USDM → convert back to USDC (with cooldown)
FAQ → short answers to common questions
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