Delpho USDV (USDV): Uses, Supply and Risks

Delpho USDV (USDV) is a stablecoin designed to track the US dollar. Delpho describes its protocol as a collateralized debt position (CDP) system on HyperEVM, the smart-contract layer of the Hyperliquid blockchain. Users deposit collateral to mint USDV, which the protocol describes as overcollateralized. That means the value of collateral is intended to exceed the value of the USDV issued against it, although the collateral types and required ratios are not specified here.

USDV is not described as a general-purpose network coin. Its stated role is to represent a dollar-pegged asset minted through Delpho. A target value of one dollar is a design goal, not a guarantee that USDV can always be exchanged for exactly one dollar. Its market price can move away from that target, and users should understand how minting, redemption and collateral management work before relying on the peg.

Delpho says users can mint USDV by depositing collateral, with a stated borrowing cost of 0%. The protocol deploys collateral into delta-neutral positions on Hyperliquid. In general, delta-neutral strategies aim to offset price exposure between positions; Delpho says funding payments from perpetual futures markets accrue to the protocol. Those payments can vary with market conditions, and the description does not establish a fixed or guaranteed return for USDV holders.

Holders can stake USDV to receive sUSDV. Delpho says sUSDV’s exchange rate against USDV rises as yield accrues. This is a separate token representation from USDV itself, so holders should check the applicable staking, conversion and withdrawal rules. Public sources do not specify fees, redemption timing, collateral composition or the exact strategy mechanics. Do not assume that holding USDV automatically earns yield: the stated yield mechanism is associated with staking into sUSDV.

USDV is associated with Delpho’s protocol on HyperEVM, while the available token-chain information lists Hyperliquid L1 as its issuance chain. These are related parts of the Hyperliquid ecosystem, but the names should not be treated as interchangeable when sending tokens. Check the network and the official USDV token details in your wallet or exchange before transferring. The token contract address is not specified here, so do not identify a token by ticker alone.

As of 2026-11-05, reported circulating and total supply were both about 512,486 USDV. No maximum supply is stated. The reported market capitalization was about $512,920, with a reported price near $1.001 and 24-hour trading volume of about $143,699 on that date. These figures change over time and are not a guarantee of liquidity or redemption at one dollar. The supply may also change as users mint or burn USDV.

USDV carries several risks beyond the possibility that its market price moves off its dollar target. The value and quality of deposited collateral matter: a sharp decline could leave the protocol with insufficient backing if collateral management or liquidation processes do not work as intended. The protocol’s delta-neutral positions also depend on derivatives markets and funding payments, which can change or become unfavorable. A strategy described as delta-neutral is not risk-free.

There are also smart-contract and operational risks, including bugs, exploits, oracle failures or problems in the systems that execute and account for positions. Public sources do not identify the collateral assets, audits, redemption guarantees or loss protections, so readers should verify these details before using the protocol. Yield on sUSDV is variable rather than assured. A dollar peg, reported market price and stated 0% borrowing cost do not remove the risk of loss.

To hold USDV, use a wallet that supports the correct network and token, and verify the token identity and contract address through an official Delpho source before making a transfer. A token with the same ticker on another network may not be the same asset. Consider testing a small transfer first, and keep wallet recovery information private and offline. Never share a seed phrase or sign a transaction you do not understand.

If you stake USDV for sUSDV, review how the exchange rate is calculated, whether withdrawals can be delayed, and what happens if the protocol or its strategies incur losses. Check whether you can redeem USDV and what conditions apply; a market price near one dollar is not proof of direct redemption access. The project description does not provide enough detail to confirm custody arrangements, contract audits or specific withdrawal terms, so seek current documentation before depositing funds.