Hyperion DeFi is pulling 800,000 HYPE tokens worth $29 million back to its treasury after the USDH stablecoin's shutdown forced the termination of two marquee deployment agreements.
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Hyperion DeFi unwinds $29M in HYPE deals as USDH stablecoin sunsets
Hyperion DeFi is pulling 800,000 HYPE tokens worth $29 million back to its treasury after the USDH stablecoin's shutdown forced the termination of two marquee deployment agreements.
Hyperion DeFi (NASDAQ: HYPD) agreed to unwind $29 million in HYPE token deployment agreements with Felix Foundation and Native Markets after the USDH stablecoin's announced sunset, according to an SEC 8-K filing Friday.
"We intend to reposition the approximately 800,000 HYPE tokens to strategies that we expect to be more profitable in the future," Chief Executive Officer Hyunsu Jung said in the filing.
The Felix agreement, valued at $18.3 million as of March 31, supported USDH-denominated HIP-3 perpetual futures markets on the lending protocol. Hyperion will unstake the 500,000 HYPE backing that deal on June 22, with all payments and tokens returned by June 29. The Native Markets Temporary Use Agreement, valued at $10.4 million, was terminated effective June 18, and the 300,000 HYPE associated with it were returned June 3.
The 800,000 HYPE coming back represents roughly 40 percent of Hyperion's roughly 2 million HYPE treasury. Jung said the company has a waitlist of teams it views as "better positioned" in the HIP-3 market and expects to redeploy the returning HYPE into new HAUS agreements shortly.
The unwinds follow Native Markets' May 14 announcement that it would cease supporting USDH and allow Coinbase to purchase the brand assets. Coinbase plans to deploy USDC as the "aligned quote asset" on Hyperliquid, replacing USDH's role in the ecosystem.
The two deals were central to Hyperion's "triple-dip" yield strategy, in which the company stakes HYPE, deploys the staked tokens into HAUS agreements, and collects ecosystem rewards. The strategy generated 3.1 times the income of base staking yield in the first quarter, the company said in its Q1 earnings release.
Felix said Friday it would deprecate USDH vaults on Felix Vanilla on June 12. The protocol has not yet disclosed a specific shutdown date for the HIP-3 USDH markets backed by Hyperion's HAUS agreement.
Hyperion shares closed at $2.99 on Friday, closer to its 52-week low of $2.11 than its 52-week high of $17.18. Jung purchased 8,000 shares in the open market on June 1 and June 2, before the filing.
The repositioning comes as Hyperliquid treasury firms remain the only digital asset treasury segment still in unrealized profit, according to Artemis data. Hyperion is sitting on roughly $35 million in paper gains on its HYPE holdings, while bitcoin treasury Strategy carries roughly $12.8 billion in unrealized losses and ether treasury Bitmine $10.5 billion.
Jung said the unwinds do not change Hyperion's 2026 adjusted gross profit guidance of $5 million to $7 million, and that the company's other HAUS deals are unaffected by the USDH sunset.
This article is for informational purposes only and does not constitute investment advice.
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