USDM

Monetrix has two tokens and one thing to understand:

• USDM: minted 1:1 from USDC. Holding USDM alone does not earn yield.
• sUSDM: received when you stake USDM. Holding sUSDM does earn yield, because the sUSDM → USDM exchange rate grows over time.

What you need

• A Web3 wallet connected to Hyperliquid EVM (HyperEVM).
• Some USDC on HyperEVM.
• A small amount of HYPE for gas.

If you don't have USDC on HyperEVM yet, bridge from Ethereum or another supported chain first.

The full flow

USDC ──► (Mint)   ──► USDM
                       │
                       ▼
                     (Stake)   ──► sUSDM    ← yield grows here
                       │
                       ▼
                     (Unstake + cooldown) ──► USDM
                       │
                       ▼
                     (Redeem + cooldown)  ──► USDC

Three important things:

• Minting and redeeming both use a 1:1 rate between USDC and USDM. You don't gain or lose value in the mint/redeem steps.
• Staking is where yield accrues. sUSDM's exchange rate to USDM increases over time.
• Both unstaking and redeeming have cooldown periods set by the protocol. You request → wait → claim.

Quick steps

1. Mint USDM: deposit USDC, receive USDM 1:1 (2 transactions: approve + mint).
2. Stake USDM: approve USDM to sUSDM, stake to receive sUSDM (2 transactions). Yield starts accruing.
3. Hold: the sUSDM/USDM exchange rate grows as protocol earnings compound.
4. Unstake: request to unwind your sUSDM back to USDM. Cooldown starts. When it's ready, Claim.
5. Redeem USDM: request to redeem USDM back to USDC. A second cooldown starts. When it's ready, Claim.

Read next

• Mint USDM: step by step.
• Stake USDM: how yield actually works.
• FAQ: short answers to common questions.