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.

For the Felix agreement, unstaking is scheduled for June 22, with full token returns expected by June 29.

Why USDH collapsed the thesis

The domino that started this was Native Markets’ announcement on May 14 that it would stop supporting USDH entirely. Native Markets subsequently transitioned its brand assets to Coinbase for USDC deployment within Hyperliquid’s ecosystem.

Hyperion’s confidence check

CEO Hyunsu Jung is maintaining the company’s 2026 guidance despite pulling nearly half its treasury out of active agreements. Hyperion’s adjusted gross profit forecast remains at $5 million to $7 million.

Jung also clarified that residual HAUS agreements, those not tied to the USDH ecosystem, remain unaffected.

Hyperion shares closed at $2.99 on June 6, the day of the announcement.