> 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/what-is-delpho.md). # What is Delpho Delpho is a CDP (collateralized debt position) protocol native to Hyperliquid. A holder of eligible collateral deposits it into Delpho and mints USDV, a Hyperliquid-native dollar stablecoin, against that collateral. USDV holders can stake into sUSDV, the staked, yield-bearing form of the asset. Yield comes from a hedged carry trade run by the protocol on Hyperliquid perpetuals: collateral is used to capture funding payments while net price exposure is managed structurally.
## What is different about Delpho The CDP model has been useful for years. Post collateral, mint dollars against it, stay long. Once collateral is posted on a typical CDP, it usually sits idle. The user pays to borrow. The position is preserved, but the collateral underneath it stops working. Delpho keeps the collateral active. The mechanism captures perpetual funding income on Hyperliquid and routes that income to sUSDV stakers, so the asset side of the user's balance sheet continues to produce a return while the dollars are minted on the liability side. ## Collateral types At launch: * HYPE * kHYPE (Kinetiq's liquid-staked HYPE) * Stablecoins (USDC and USDT) ## Where to go next * [USDV: minting against collateral](/delpho-docs/legal/usdv-mint-agreement.md) - how a holder turns collateral into dollar liquidity. * [sUSDV: the yield engine](/delpho-docs/delpho-101/susdv-the-yield-engine.md) - where the yield comes from. * [How Delpho works](/delpho-docs/how-delpho-works.md) - the technical reference for the protocol. * [Using Delpho](/delpho-docs/using-delpho.md) - step-by-step guide to the dapp. * [Risk](/delpho-docs/risk.md) - failure modes and structural responses.