Hyper Foundation Allocates $10M to Support USDH Stablecoin Exit

Chainthink

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Summary

The Hyper Foundation announced $10 million in grants to support the USDH stablecoin exit, according to on-chain news. The program includes migration and shutdown categories, with migration grants for teams transitioning USDH to USDC and shutdown grants covering teams ending USDH operations. HIP-1 and HIP-3 grants are tied to auction costs, while HyperEVM grants are based on locked USDH. Recipients must complete their activities by late July. Users can swap USDH for USDC at a 1:1 rate via HyperCore or Across on HyperEVM. This crypto news underscores Hyper’s transition strategy.

ChainThink reports that, on June 28, according to an official announcement, the Hyper Foundation will provide approximately $10 million in grants to help developers offset migration costs affected by the phased withdrawal of the USDH stablecoin.

Grants are divided into two categories: migration grants and phased shutdown grants. Migration grants are for teams that have integrated USDH and have migrated their related markets or deployments to USDC. Phased shutdown grants are for teams that have chosen to discontinue their USDH-related activities and are lower in amount than equivalent migration grants.

Among these, HIP-1 and HIP-3 grants are based on auction deployment costs, while the HyperEVM grant is determined by the amount of USDH locked. All grant recipients must commit to completing an orderly migration or phased shutdown by the end of July.

Users can exchange USDH for USDC on the HyperCore spot order book, or use the Across protocol on HyperEVM for a free 1:1 exchange.

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