Felix USDhl Review 2026: A Stablecoin Built for Hyperliquid

Felix USDhl is a stablecoin built for the Hyperliquid ecosystem. Its description calls it a fiat stable, custom-built to serve as a building block for HIP-3, FX, payments and more. It is listed on Hyperliquid and Ethereum.

It comes from Felix, a team that also runs a CDP stablecoin called feUSD and a lending app. The Felix homepage describes a modern financial account powered by stablecoins, with trading of US spot equities and perpetual futures, yield on stablecoins, and borrowing and lending against spot equities and crypto.

USDhl is still small. Roughly $356,000 in value was locked at the time of review, and it has been tracked since July 2025. It has no token of its own and no audits listed.

A fiat-style stablecoin aims to keep a value near one US dollar by holding reserves outside the blockchain and letting approved parties redeem tokens for dollars. Felix describes USDhl as a fiat stable, but the material reviewed does not name the reserve assets, custodian or redemption process.

The intended role is on Hyperliquid. HIP-3 lets builders launch new markets on the platform, and those markets need a stable unit of account and collateral. USDhl is meant to fill that role, with FX and payments listed as further uses.

Separately, Felix operates other products. These include a CDP system where users borrow feUSD against collateral such as HYPE, UBTC or KHYPE, and a lending app that works with Morpho. These are distinct from USDhl, though they share the Felix brand and interface.

Fees for minting, redeeming or holding USDhl are not published in the material reviewed. Anyone considering it should check the Felix site and app for mint and redemption terms.

On Hyperliquid, normal network and trading costs would apply when moving or swapping the stablecoin. Rates on the related lending and yield products are shown inside the Felix apps rather than on a fixed schedule.

No audits are listed for USDhl, and the material reviewed does not name the reserve holder, the custodian or the redemption mechanics. For a fiat-style stablecoin these are the central facts, so their absence is a real gap. Holders rely on the issuer's reserves and on the smart contracts behaving as intended.

The broader Felix brand has been associated with partners such as Morpho and Ethena, according to one research write-up, but that does not make USDhl itself audited or insured. Check the official site for current disclosures, and only hold amounts you can afford to lose. Regulatory treatment of stablecoins varies by country, so confirm what applies to you.

Hyperliquid traders and builders who need a dollar-denominated asset tailored to that ecosystem, and who are comfortable doing their own checks on reserves and redemption. It is less suited to users who need audited, deeply liquid, widely integrated stablecoins.