> 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/how-delpho-works/minting-usdv.md).

# Minting USDV

A user mints USDV by depositing eligible collateral and creating a debt position against it.

For current LTV, liquidation threshold, fees and caps, see [Parameters](/delpho-docs/parameters.md).

## Example

<table data-header-hidden><thead><tr><th width="277"></th><th width="470"></th></tr></thead><tbody><tr><td>What the user deposits</td><td>$100,000 of USDC</td></tr><tr><td>Maximum mint at 80% LTV</td><td>$80,000 of USDV</td></tr><tr><td>What they keep</td><td>A delta-neutral position: no HYPE price exposure</td></tr><tr><td>What they pay</td><td>No ongoing borrow</td></tr><tr><td>What they can do with the USDV</td><td>Hold it (no yield), stake into sUSDV (yield from funding capture) or sell it on the open market.</td></tr></tbody></table>

## What happens under the hood

When the user mints, the protocol:

1. Locks the collateral on HyperEVM.
2. Issues USDV to the user's address.
3. **Adjusts the protocol's hedged position** on Hyperliquid perps to maintain the structural exposure profile - preserving HYPE directionality for HYPE / kHYPE collateral, running closer to delta-neutral for stablecoin collateral.

All three happen atomically in a single transaction via CoreWriter. There is no intermediate state in which the user holds USDV but the hedge has not yet been adjusted.

For the mechanics of the hedged position, see [The yield engine](/delpho-docs/how-delpho-works/yield-engine-delta-neutral.md).

## Position management

After minting, a user can:

* **Add collateral** to lower the LTV and reduce liquidation risk.
* **Pay down debt** by returning USDV to the protocol.
* **Redeem USDV** through the redemption ladder (see [Redemptions and the peg](/delpho-docs/how-delpho-works/redemptions-and-the-peg.md)).

User-facing flows are documented in [Manage your borrow position](/delpho-docs/using-delpho/manage-your-borrow-position.md).