Felix feUSD (FEUSD) is a crypto-backed US dollar stablecoin. It has about $9.7M in circulation, ranking #135 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is FEUSD?
Felix feUSD (FEUSD) is a crypto-backed US dollar stablecoin. It has about $9.7M in circulation, ranking #135 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Felix feUSD is a synthetic dollar protocol on Hyperliquid L1.
FEUSD supply history
FEUSD supply fell 3.7% over the past 30 days, to $9.7M. Its peak was $82.5M in July 2025, and supply is 88% below that high.
Is FEUSD holding its peg?
FEUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where FEUSD lives: supply by blockchain
Supply is concentrated: Hyperliquid L1 holds 100% of all FEUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How FEUSD is backed
FEUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Users can deposit HYPE, PURR, or bridged majors (BTC, ETH, SOL) as collateral to mint feUSD, and later redeem feUSD for an equivalent value in collateral.
FEUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $9.7M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
FEUSD vs USDT and USDC
Similar crypto-backed stablecoins
See all →
FEUSD FAQ
What is FEUSD?
Felix feUSD (FEUSD) is a crypto-backed US dollar stablecoin. It has about $9.7M in circulation, ranking #135 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is FEUSD pegged 1:1 to the US dollar?
FEUSD targets 1 USD. At the last update it traded at $0.9983, a deviation of -0.17%, which we classify as "on peg".
What backs FEUSD?
FEUSD is a crypto-backed stablecoin. FEUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is FEUSD on?
FEUSD is live on 1 blockchain. The largest by supply are Hyperliquid L1 ($9.7M).
How much FEUSD is in circulation?
About $9.7M of FEUSD was in circulation at the last update, -3.7% over 30 days. That makes it the #135 stablecoin by supply among those we track.
Is FEUSD safe?
No stablecoin is risk-free. As a crypto-backed design, FEUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.