Hyperion DeFi, the first publicly traded US company built around a strategic treasury of Hyperliquid’s native HYPE token, is unwinding two deployment agreements collectively worth $28.7 million. The catalyst: USDH, the stablecoin that underpinned both deals, is effectively dead.
The company announced June 6 that it would terminate agreements with Felix Foundation and Native Markets, freeing up roughly 800,000 HYPE tokens for redeployment into what it calls higher-yield strategies. That’s approximately 40% of Hyperion’s entire treasury of around 2 million tokens.
What’s actually being unwound
The larger of the two is a 500,000 HYPE HAUS agreement with Felix Foundation, valued at $18.3 million as of March 31. That deal supported USDH-denominated activity in HIP-3 perpetual futures markets.
The second is a 300,000 HYPE Temporary Use Agreement with Native Markets, valued at $10.4 million on the same date. This one was designed to bolster USDH economics more broadly. Native Markets already returned those 300,000 HYPE tokens on June 3, getting ahead of the formal termination date of June 18.
