Hyperstable (PEG): Uses, Supply and Risks

Hyperstable (PEG) is a crypto token associated with Hyperstable CDP, a protocol on HyperEVM. The project is described as an over-collateralized stablecoin protocol where users borrow USH by depositing crypto collateral. That describes the protocol, not necessarily a function of PEG: public sources do not clearly establish whether PEG is used for governance, fees, incentives, or another purpose. PEG should therefore not be assumed to be the stablecoin USH, or to have a stable value. The token is reported as issued on Hyperliquid L1. Public sources do not specify when PEG launched or provide further details about its token design. If you are considering interacting with it, check current project documentation for the token’s stated role and contract details, and distinguish those claims from the separate borrowing functions of Hyperstable CDP.

Hyperstable CDP’s stated product is a collateralized borrowing protocol: users deposit crypto and borrow USH, the project’s stablecoin. In general, over-collateralized borrowing means the value of deposited assets is intended to exceed the value of the loan. Collateral values can change, and a protocol may liquidate a position if it no longer meets its requirements. Public sources do not give specific collateral ratios, supported assets, liquidation rules, or fees, so check current protocol terms before using the borrowing service. These mechanics do not establish that PEG is required to open a position or that holding PEG gives a claim on USH or protocol revenue. The token’s relationship to the CDP should be verified from current project documentation rather than inferred from the shared name. PEG is a separate token from USH unless the project explicitly documents otherwise.

As of 2026-11-05, PEG’s reported circulating supply was about 280.9 million, with total supply around 546.0 million. No maximum supply is reported, so these figures do not establish a fixed cap or explain how the remaining tokens may enter circulation. At that date, the token’s price was about $0.00107, its market capitalization about $300,000, and its fully diluted valuation about $583,000. These are snapshots, not stable figures, and can change with trading and supply updates. Reported 24-hour trading volume was about $418, indicating limited recorded activity at the time; low activity can make it harder to trade at a desired price. PEG was also reported roughly 89% below its all-time high from May 2025, but past price movements do not predict future performance. Treat market and supply figures as approximate and verify current values before relying on them.

PEG is reported as issued on Hyperliquid L1. Public sources do not identify it as a native token of any chain, and it does not specify a contract address or describe whether wrapped versions exist elsewhere. Do not assume that a token with the same name or ticker on another network is the same asset. Before sending PEG, confirm the network and token identifier with reliable, current project information, and ensure the receiving wallet supports that asset on Hyperliquid L1. A transfer to an incompatible address or network may be difficult or impossible to recover. For self-custody, protect your wallet’s recovery phrase offline and never share it with anyone claiming to offer support. If using a custodial service, understand that you depend on that provider to safeguard and return your assets. Wallet availability and network support can change, so check them before transferring.

PEG carries the risks of a small crypto asset, including sharp price changes, limited liquidity, and the possibility that buyers or sellers are difficult to find. The reported low trading volume and substantial decline from its 2025 high are historical snapshots, not guarantees about what happens next. The token’s documented purpose is also unclear, making it harder to assess what could support demand or what rights holders may have. Separately, using Hyperstable CDP to borrow USH involves smart-contract and collateral risks: crypto collateral can fall in value, and positions may be liquidated under the protocol’s rules. A stablecoin protocol does not make PEG itself stable, and USH’s intended stable value is not a guarantee that it will always hold its target. Review current project documentation, contract and network details, and the risks of any borrowing position before interacting. Do not rely on a token ticker alone to identify the asset.