Monetrix USDM (USDM) is a crypto-backed US dollar stablecoin. It has about $3.1M in circulation, ranking #172 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDM?
Monetrix USDM (USDM) is a crypto-backed US dollar stablecoin. It has about $3.1M in circulation, ranking #172 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: USDM is a delta-neutral, yield-bearing synthetic dollar on HyperEVM. It is backed by USDC collateral deployed into delta-neutral basis-trading positions (funding payments, HLP and borrow-lend yield) on Hyperliquid Core, and mints/redeems 1:1 against USDC.
USDM supply history
USDM supply grew 20.7% over the past 30 days, to $3.1M. It is at or near its all-time high.
Is USDM holding its peg?
USDM is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDM lives: supply by blockchain
Supply is concentrated: Hyperliquid L1 holds 100% of all USDM. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDM is backed
USDM 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 mint USDM 1:1 by depositing USDC, which the protocol deploys into delta-neutral positions on Hyperliquid Core. USDM can be staked for sUSDM to earn the strategy yield, and is redeemed back to USDC 1:1.
Reserve reports and audits: code4rena.com
USDM 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 $3.1M 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.
USDM vs USDT and USDC
Similar crypto-backed stablecoins
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USDM FAQ
What is USDM?
Monetrix USDM (USDM) is a crypto-backed US dollar stablecoin. It has about $3.1M in circulation, ranking #172 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDM pegged 1:1 to the US dollar?
USDM targets 1 USD. At the last update it traded at $1.0010, a deviation of +0.10%, which we classify as "on peg".
What backs USDM?
USDM is a crypto-backed stablecoin. USDM 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 USDM on?
USDM is live on 1 blockchain. The largest by supply are Hyperliquid L1 ($3.1M).
How much USDM is in circulation?
About $3.1M of USDM was in circulation at the last update, +20.7% over 30 days. That makes it the #172 stablecoin by supply among those we track.
Is USDM safe?
No stablecoin is risk-free. As a crypto-backed design, USDM'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.