Hyperion DeFi (NASDAQ: HYPD) entered into an agreement with Felix Foundation on Friday, June 5, 2026, to wind down its HYPE Asset Use Service (HAUS) agreement. The Dallas-based treasury company disclosed the move in an 8-K filing after market close the same day.
This termination, alongside a separate deal exit with Native Markets, will see approximately $29 million in HYPE token deals unwound as the USDH stablecoin faces a total sunset.
The strategic shift follows Native Markets’ decision on May 14 to cease support for USDH, the bespoke stablecoin it originally developed for the Hyperliquid ecosystem. Consequently, the lending protocol Felix Foundation signaled that its USDH-denominated HIP-3 perpetual futures markets would be discontinued. These events have prompted Hyperion DeFi to reclaim its assets for redeployment into new, more profitable strategies.
Hyperion DeFi CEO Hyunsu Jung personally increased his stake in the company earlier in the week, purchasing 8,000 shares of HYPD in the open market on June 1 and June 2.
The company, which manages a disclosed treasury of approximately 2 million HYPE tokens, is now preparing to absorb a significant amount of liquidity back into its primary accounts as the ecosystem transitions toward more established assets.
Breakdown of the $29 million HYPE token recovery
The unwinding process involves two major agreements that supported the liquidity and operations of Hyperliquid-native projects. The HAUS agreement with Felix Foundation was valued at approximately $18.3 million based on March 31, 2026, asset valuations. This arrangement specifically supported the HIP-3 perpetual futures markets, which are being terminated as the protocol moves away from USDH-denominated trading.
The second portion of the unwind involves a Temporary Use Agreement with Native Markets, which carried a value of approximately $10.4 million as of late March. While mid-cap tokens face selling waves in broader markets, Hyperion is focusing on capital preservation by exiting these bespoke stablecoin arrangements.
Native Markets was the original developer of USDH, but the asset is being phased out in a broader market shift.
In total, approximately 800,000 HYPE tokens will return to the Hyperion DeFi treasury. This includes 500,000 HYPE from the Felix Foundation deal and 300,000 HYPE from the Native Markets arrangement. The first 300,000 tokens associated with the Native Markets deal were already returned to Hyperion DeFi on June 3, marking the start of the liquidation process.
Timeline for the transition to USDC on Hyperliquid
The sunsetting of USDH is tied directly to a major shift in how the Hyperliquid ecosystem handles quote assets. Coinbase plans to deploy USDC as the “aligned quote asset” on Hyperliquid and has already purchased the USDH brand assets. This move effectively replaces the bespoke USDH stablecoin with a more universally recognized dollar-pegged asset, altering the future crypto market window for native project developments.
Felix Foundation will begin deprecating USDH vaults on Felix Vanilla starting June 12. On June 18, the Temporary Use Agreement with Hyperion DeFi will reach its effective termination date. Hyperion DeFi then plans to unstake the 500,000 HYPE tokens backing the Felix deal on June 22. All remaining payments and tokens are expected to be returned to the treasury by June 29.
Future treasury redeployment and strategic goals
By reclaiming nearly 40% of its total known HYPE holdings, Hyperion DeFi gains significant flexibility to pivot its market-making and lending activities. The return of these 800,000 tokens allows the firm to move away from supporting a discontinued stablecoin. The company specifically noted that these assets are earmarked for “more profitable” strategies that better align with the new USDC-centric infrastructure.
The transition may reflect a broader trend where individual protocols abandon native stablecoins for higher-liquidity options. While the Clarity Act recently impacted stablecoin interest structures, the Hyperliquid shift appears driven more by the arrival of institutional partners like Coinbase. For Hyperion DeFi, the goal remains the optimization of its treasury to ensure long-term profitability within the evolving decentralized finance space.
As the final tokens return to the treasury in late June, the company will have essentially reset its balance sheet for the second half of 2026. Market observers will be looking to the next 8-K filings for details on exactly where these reclaimed HYPE tokens will be deployed.
For now, the successful termination of the $29 million in agreements ensures Hyperion won’t be left holding assets tied to a deprecated stablecoin.