USDH is a crypto-backed US dollar stablecoin. It has about $1.1M in circulation, ranking #217 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDH?
USDH is a crypto-backed US dollar stablecoin. It has about $1.1M in circulation, ranking #217 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: USDH is a censorship-resistant, crypto-backed stablecoin on Solana, soft-pegged to the US Dollar. USDH is fully collateralized by a basket of crypto assets, deposited into a Hubble Smart Contract.
USDH supply history
USDH supply was flat over the past 30 days. Its peak was $8.7M in October 2022, and supply is 87% below that high.
Is USDH holding its peg?
USDH is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where USDH lives: supply by blockchain
Supply is concentrated: Solana holds 100% of all USDH. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDH is backed
USDH 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: Using the Hubble Protocol app, users mint USDH by depositing an accepted collateral asset into a vault. When the loan is repaid to retrieve the collateral, the paid back USDH is burned.
Reserve reports and audits: hubble-markets.gitbook.io
USDH 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 $1.1M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
At the last update USDH traded at $0.9943 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDH vs USDT and USDC
Similar crypto-backed stablecoins
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USDH FAQ
What is USDH?
USDH is a crypto-backed US dollar stablecoin. It has about $1.1M in circulation, ranking #217 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDH pegged 1:1 to the US dollar?
USDH targets 1 USD. At the last update it traded at $0.9943, a deviation of -0.57%, which we classify as "slightly off peg".
What backs USDH?
USDH is a crypto-backed stablecoin. USDH 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 USDH on?
USDH is live on 1 blockchain. The largest by supply are Solana ($1.1M).
How much USDH is in circulation?
About $1.1M of USDH was in circulation at the last update, 0.0% over 30 days. That makes it the #217 stablecoin by supply among those we track.
Is USDH safe?
No stablecoin is risk-free. As a crypto-backed design, USDH'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 "slightly off peg" on our peg monitor. This page is information, not investment advice.