> For the complete documentation index, see [llms.txt](https://delpho.gitbook.io/delpho-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://delpho.gitbook.io/delpho-docs/delpho-101/usdv-minting-against-collateral.md).

# USDV: minting against collateral

USDV is a Hyperliquid-native dollar stablecoin. It is minted by depositing eligible collateral into the Delpho protocol and creating a debt position against it.

## Mint parameters at launch

<table><thead><tr><th>Parameter</th><th width="241.2000732421875">HYPE/kHYPE</th><th>USDC/USDT</th></tr></thead><tbody><tr><td>Maximum LTV</td><td>65%</td><td>80%</td></tr><tr><td>Borrow APR</td><td>0%</td><td>0%</td></tr><tr><td>Liquidation threshold</td><td>80%</td><td>90%</td></tr><tr><td>Mint fee</td><td>0%</td><td>0%</td></tr><tr><td>Minimum mint</td><td>50 USDV</td><td>50 USDV</td></tr></tbody></table>

A user depositing $100,000 of USDC or USDT can mint up to $80,000 of USDV. **At that mint level, the collateral value would need to fall to about $88,889 before reaching the 90% liquidation threshold.**

## What the borrow looks like

Most CDPs charge ongoing borrow interest. Delpho does not. The economics that would normally fund a borrow APR come from the protocol's hedging strategy on Hyperliquid perps - that income flows to sUSDV stakers rather than coming from the borrower.

This separates two user roles:

| Role         | What they do                 | What they get                                   |
| ------------ | ---------------------------- | ----------------------------------------------- |
| Minter       | Posts collateral; mints USDV | Dollar liquidity + retained collateral exposure |
| sUSDV holder | Stakes USDV                  | Yield from the hedged funding capture           |

A single user can do both.&#x20;

## Where to go next

* [sUSDV: the yield engine](/delpho-docs/delpho-101/susdv-the-yield-engine.md) - how to put your USDV to work.
* [Liquidations](/delpho-docs/how-delpho-works/liquidations.md) - what happens if HYPE drops.
* [Redemptions and the peg](/delpho-docs/how-delpho-works/redemptions-and-the-peg.md) - how USDV stays at $1.