Hyperion DeFi is terminating two HYPE token deployment agreements worth $28.7 million following the planned shutdown of the USDH stablecoin, according to a recent filing. The move will return about 800,000 HYPE tokens to the company, roughly 40% of its treasury, for redeployment into new strategies.
The Dallas-based firm confirmed it is ending arrangements with the Felix Foundation and Native Markets, both tied to its previous yield strategy.
Agreements terminated and assets returned
Under its deal with the Felix Foundation, Hyperion will unstake 500,000 HYPE linked to HIP-3 perpetual futures markets on June 22, with full settlement expected by June 29.
A separate agreement with Native Markets, the developer of USDH, has already been concluded. That arrangement ended June 18, with 300,000 HYPE returned earlier this month.
As of the end of March, the Felix-linked assets were valued at about $18.3 million, while the Native Markets allocation stood at $10.4 million.
Stablecoin phase-out triggers strategic shift
The unwinding follows a May announcement that USDH operations would cease and its brand assets would be sold, with another firm expected to launch a replacement dollar-backed token on Hyperliquid.
Hyperion reviewed its exposure to USDH before deciding to exit both agreements, marking a significant change in its operating approach. The two arrangements had formed a core part of the firm’s “triple-dip” yield model, which combined staking rewards, deployment agreements, and ecosystem incentives. That strategy generated returns around 3.1 times higher than standard staking during the first quarter.
With the model now disrupted, the company faces the challenge of reallocating a large portion of its treasury into alternative opportunities that can match or exceed previous returns.
Treasury position and market performance
Hyperion currently holds about 2 million HYPE tokens. Despite the recent shift, it remains one of the few treasury-focused firms in the digital asset sector still reporting unrealized gains, with roughly $35 million in paper profits tied to its holdings.
This contrasts with bitcoin- and ether-focused treasury firms, which are collectively sitting on tens of billions of dollars in unrealized losses, highlighting a divergence in performance across different crypto strategies.
Stock performance and executive signal
Shares of Hyperion closed at $2.99, close to their 52-week low and significantly below their peak of $17.18.
The company’s chief executive, Jung, purchased 8,000 shares in early June before the filing was released, a move likely to draw attention from market participants assessing internal confidence during the transition.
Market backdrop adds pressure
The broader digital asset market remains under strain, with heavy deleveraging and large outflows from products such as U.S. spot Bitcoin ETFs. Total market capitalization has fallen toward key support levels, increasing pressure on firms to maintain resilient strategies.
Against this backdrop, the collapse of USDH underscores the counterparty risks embedded in decentralized finance. For Hyperion, the immediate priority is deploying its reclaimed HYPE into new structures while navigating a more volatile and uncertain market environment.
Want deeper context on DeFi shifts and stablecoins? Explore what DeFi is and how it works before reallocating your own crypto strategies.
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