Hylo USD
HYUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Hylo USD (HYUSD) is a synthetic, SOL-LST-collateralized stablecoin on Solana launched in April 2025. Across all operational and governance dimensions, HYUSD presents substantial structural risks. The protocol operates under a pseudonymous team (0xPlish, Shoom, Sape) with centralized upgrade authority and no on-chain DAO governance. While the protocol has engaged third-party auditors (OtterSec, Accretion), early audit reports revealed critical vulnerabilities—such as oracle price arbitrage during SOL drawdowns—with incomplete public verification of full remediation. Community support is weak, marked by absent grassroots governance and limited verifiable engagement despite a modest base of ~4,000 holders and an ~$15M market cap. Market adoption remains nascent in a highly competitive stablecoin landscape, subject to the inherent volatility of SOL liquid staking collateral. No qualifying catastrophic exploits, rug pulls, or regulatory actions were identified, but the concentration of control, pseudonymous management, and synthetic collateral risks keep the overall assessment low.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Hylo USD (HYUSD)
Hylo USD (HYUSD) is a synthetic, USD-pegged stablecoin operating on the Solana blockchain. Launched in April 2025 by Hylo Protocol, the token functions through a dual-token mint and redeem mechanism backed by Solana liquid staking token (SOL-LST) collateral. Unlike fiat-backed stablecoins, HYUSD operates without traditional cash reserves or Treasury bills, relying on an over-collateralized model to maintain its $1.00 peg target.
The protocol is managed by a pseudonymous development team operating under the aliases 0xPlish, Shoom, and Sape. Governance is fully centralized, with protocol parameters and smart contract upgrade controls held by the core operators rather than an on-chain decentralized autonomous organization (DAO). As of late 2025 and 2026, the token maintains a circulating market capitalization between $13 million and $16 million with approximately 4,000 token holders.
Hylo Protocol has engaged security firms including OtterSec and Accretion for smart contract audits across multiple versions. However, an OtterSec review published in May 2025 highlighted critical vulnerabilities, including an oracle price arbitrage risk during sharp SOL price declines, for which public verification of complete remediation remains incomplete. While the protocol has recorded no smart contract exploits or direct hacks to date, market data indicates historical peg stress, including a recorded all-time low of $0.9270 (approximately 7.3% below peg).