Delpho USDV
USDV Rank #4050Price chart
What is Delpho USDV?
Overview
Delpho is a collateralized debt position protocol built on HyperEVM, the smart contract layer of Hyperliquid. Users lock collateral to mint USDV, an overcollateralized stablecoin pegged to the US dollar. The protocol targets users seeking to generate yield on their collateral while maintaining exposure to staking through yield-bearing mechanisms.
How it works
The protocol deploys user collateral into delta-neutral positions on Hyperliquid's perpetual futures markets. Funding payments accrued from these positions flow to the protocol as yield. USDV holders can stake their tokens into sUSDV, where the exchange rate appreciates as protocol yield accumulates over time.
Peg and backing
USDV maintains a USD peg through overcollateralization—users must deposit more collateral value than the stablecoin amount minted. The token is backed by collateral held in the protocol and the yield generated from perpetual futures funding payments. No borrowing fee is charged for minting USDV.
Supply
Total supply is approximately 393 thousand USDV with no stated maximum supply cap. New tokens are issued when users mint USDV by depositing collateral, and burned when stablecoin is redeemed.
Where to trade USDV
1 exchanges · top 10
Live spot quotes from connected exchanges
USDV funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.