Felix USDhl

Felix USDhl receives a B- risk grade (31/100) from Hindenrank, where lower scores indicate lower risk. Deprecated — this stablecoin product was sunsetted in late 2025. M0 backing remains intact for redemptions, but no new positions should be opened. Remaining holders should exit via direct redemption. Felix USDhl was a T-bill-backed stablecoin on Hyperliquid that distributed yield in WHYPE tokens to active traders and liquidity providers. The protocol officially sunsetted reward distributions on December 20, 2025, and directed users to USDH as a replacement — which itself was discontinued by Native Markets in May–June 2026. Approximately $1M in residual TVL remains from users who have not yet exited. The underlying M0 reserve backing is intact and redemptions are still possible.

The key risks identified for Felix USDhl are: (1) Product is deprecated: Felix Protocol officially ended USDhl rewards in December 2025 and no longer actively develops this product. New positions should not be opened. (2) Migration path closed: Felix directed users to USDH as a replacement, but USDH itself was sunsetted by Native Markets in May–June 2026, leaving holders with no officially supported successor stablecoin. (3) Exit risk from thin liquidity: With only $1M remaining in Curve pools and secondary market liquidity, large exits could push the peg below $1. Direct redemption via M0 infrastructure is recommended for any significant position.

Felix USDhl scores 31/100 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: 0/10, Regulatory Risk: 2/10, Vitality Risk: 10/10. The highest risk area is Vitality Risk at 10/10.

Among 121 rated Yield protocols on Hindenrank, Felix USDhl ranks #31 by safety (lowest risk score = safest). Its 31/100 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.