Felix USDhl

Felix USDhl receives a B- risk grade (29/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — solid T-bill backing and professional audit provide a good foundation, but yield token dependency and short track record warrant caution. Felix USDhl is a fiat-backed stablecoin on Hyperliquid, fully collateralized by US Treasury bills through M0 infrastructure. Users earn yield in WHYPE tokens based on their trading and LP activity rather than simply holding the stablecoin. With $20M in TVL and launched in 2025, it is a newer protocol that benefits from professional auditing (Three Sigma) but has limited track record.

The key risks identified for Felix USDhl are: (1) Yield paid in WHYPE tokens, not dollars: Your returns depend on the WHYPE token price, which can be volatile. If WHYPE drops in value, your effective yield could be much less than the advertised rate, even though USDhl itself stays pegged to $1. (2) New protocol on a new chain: Felix launched in April 2025 on Hyperliquid EVM, which is itself a relatively new blockchain. Both the protocol and the chain have limited battle-testing compared to established alternatives on Ethereum. (3) Dependent on M0 infrastructure: USDhl is backed by M0 wholesale dollars backed by T-bills. While this is conservative collateral, it adds a dependency on M0's operations, custody, and attestation systems working correctly.

Felix USDhl scores 29/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 5/20, Oracle Surface: 2/10, Documentation Gaps: 4/10, Track Record: 5/15, Scale Exposure: 3/10, Regulatory Risk: 2/10, Vitality Risk: 5/10. The highest risk area is Vitality Risk at 5/10.

Among 116 rated Yield protocols on Hindenrank, Felix USDhl ranks #22 by safety (lowest risk score = safest). Its 29/100 risk score and B- grade place it among the safer Yield protocols.

Felix USDhl scores 5/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.