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Hubble Review 2026: Solana CDP Minting USDH

Hubble is a Solana-native borrowing protocol that lets users mint the USDH stablecoin against crypto collateral. It is a small CDP with about $1.5M TVL, so adoption looks modest.

Solana

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

5.8/10

Mixed

Visit Hubble

Our verdict on Hubble

5.8/10

Hubble suits Solana users who already hold crypto and want to borrow a stablecoin without ongoing interest, and who are comfortable reading documentation and managing liquidation risk. Its main strength is the simple fixed-fee, interest-free borrowing model backed by overcollateralization and listed audits. The main caveat is size: about $1.47M in TVL is small, the later roadmap phases are unconfirmed, and public information here give little recent detail. Verify current terms in the official docs before committing funds.

Score breakdown

How Hubble scores

Security: 6.0/10
Ease of use: 6.5/10
Fees: 6.0/10
Features: 5.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Hubble?

Hubble is a DeFi protocol on Solana that lets users borrow USDH, a Solana-native stablecoin, against crypto collateral. DefiLlama lists it in the CDP category and describes a phased roadmap: a collateral-backed stablecoin first, then structured products and undercollateralized loans.

Public coverage dates the mainnet launch to January 2022, shortly after the project reported raising $10 million. At launch it announced support for Marinade's mSOL and Saber's SBR as collateral. Its homepage positions it as a censorship resistant stablecoin with interest-free borrowing for a fixed fee.

Today it is a small protocol. DefiLlama shows about $1.47M in TVL and a rank near #31 among CDP protocols, under 0.1% of the category. It has a token, HBB, and DefiLlama lists two audits. Its homepage available here is sparse, so users should confirm the current state of the app in the official docs.

How Hubble works

Hubble is a collateralized debt position (CDP) protocol. A user locks crypto in a smart contract and mints USDH against it. Because the value of the collateral must exceed the value of the USDH borrowed, the system stays overcollateralized.

The homepage says borrowing carries no ongoing interest, only a fixed fee. To get the collateral back, the user repays the USDH. If the collateral value drops too close to the borrowed amount, the position can be liquidated so the stablecoin stays backed.

DefiLlama describes a three-phase plan. Phase 1 is the USDH stablecoin with yield on multi-asset collateral. Phases 2 and 3 were to add structured products and undercollateralized loans. The project does not confirm the status of those later phases.

6 features

Key features

USDH stablecoin

Users mint USDH, a Solana-native stablecoin, against deposited crypto. It works with any Solana wallet.

Multi-asset collateral

Phase 1 was designed to accept more than one type of collateral. At launch, Marinade's mSOL and Saber's SBR were announced as accepted collateral.

Interest-free borrowing

The homepage says borrowing is interest-free for unlimited time, in exchange for a fixed fee.

Overcollateralization

Documentation says each USDH is backed by more than $1 of deposited crypto.

Third-party audits

The project says it works with third-party security firms to audit its smart contracts, and DefiLlama lists two audits.

Planned later phases

The roadmap mentions structured DeFi products and undercollateralized loans in later phases. Whether these launched is not confirmed publicly.

Pros and cons

What we like

Solana-native stablecoin usable in any Solana wallet
Borrowing described as interest-free with a fixed fee, which makes costs predictable
Overcollateralized design, with more than $1 of crypto behind each USDH
Two audits listed on DefiLlama and a stated practice of engaging third-party auditors
Official documentation includes a dedicated Risks page

Watch out for

TVL of about $1.47M is very small next to the $7.2B CDP category, so liquidity and adoption look limited
Phase 2 and 3 products (structured products, undercollateralized loans) are described as future plans, and the project does not confirm they shipped
Homepage is minimal, so current features and fee levels cannot be verified here
Runs only on Solana, so it carries Solana network and smart-contract risk
Overcollateralized borrowing can lead to liquidation if collateral prices fall
Much of the available public coverage dates from 2022, so recent activity is unclear

Hubble fees

Hubble's homepage describes borrowing as interest-free for an unlimited time, in exchange for a fixed fee. The exact fee percentage is not stated publicly available here.

Users should check the borrow screen in the Hubble app and the official documentation for the current fee, liquidation penalties and any network costs before opening a position.

Is Hubble safe?

Hubble says it regularly engages third-party security firms to audit its smart contracts, and DefiLlama lists two audits. Audits reduce risk but do not guarantee safety. The project does not list any hacks or incidents, but they also do not cover recent history in detail.

CDP users face liquidation risk if collateral falls in value, plus smart-contract risk and stablecoin depeg risk. With low TVL, liquidity for USDH may be thinner than in larger stablecoin systems. Hubble is a non-custodial DeFi protocol, so you keep control of your wallet and are responsible for keeping it secure. Check local rules on DeFi and stablecoins before using it.

6 steps

How to get started with Hubble

1
Read the official Hubble documentation, including the Risks page, before depositing anything.
2
Set up a Solana wallet and fund it with a supported collateral asset plus a small amount of SOL for network fees.
3
Open the Hubble app from the official website and connect your wallet.
4
Check the current borrow fee and the collateral ratio requirements shown in the app.
5
Deposit collateral and mint a modest amount of USDH, leaving a wide safety margin above the liquidation threshold.
6
Monitor your position and add collateral or repay if prices fall.

Open Hubble

Who Hubble is for

Hubble is for Solana-based DeFi users who hold supported collateral and want to mint USDH without paying ongoing interest. It is less suited to people who need deep stablecoin liquidity or a proven, large-scale protocol, and to beginners who are not ready to manage liquidation risk.

Hubble FAQs

What is Hubble Protocol?

Hubble is a DeFi protocol on Solana. Users deposit crypto as collateral and borrow USDH, a Solana-native stablecoin. The homepage describes interest-free borrowing for a fixed fee.

What is USDH?

USDH is Hubble's stablecoin. Its documentation says that for every 1 USDH on the market, more than $1 of crypto is deposited into Hubble, meaning it is overcollateralized. It can be held in any Solana wallet.

What is the HBB token?

Public sources name HBB as the token on DefiLlama. They do not describe its utility in detail, so check the official documentation for current token roles before buying.

Is Hubble audited?

Public sources say Hubble works with third-party security firms to audit its smart contracts, and DefiLlama lists two audits. That lowers risk but does not remove it, and audit reports should be read directly.

How big is Hubble?

DefiLlama shows about $1.47M in TVL, down 1.9% over seven days, ranking around #31 among CDP protocols at the time of the data. That is under 0.1% of the category total.

What are the risks of borrowing on Hubble?

The main risks are liquidation if collateral values fall, smart-contract bugs, stablecoin depeg risk and Solana network risk. Only borrow what you can keep safely collateralized.

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