> 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/using-delpho/mint-usdv-with-usdc-or-usdt.md).

# Mint USDV with USDC or USDT

This page walks through depositing stablecoins and minting USDV against them. This is the route for capital that has no HYPE exposure and wants none: the protocol runs the hedge closer to delta-neutral, and your position is not exposed to HYPE's direction.

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

## Why mint against USDC or USDT

* **No HYPE price exposure.** Your collateral is dollars. The protocol uses the deposit to run a delta-neutral funding-capture position; you are exposed to the dollar asset and the strategy spread, not to HYPE direction. See [The yield engine: funding capture](/delpho-docs/how-delpho-works/yield-engine-delta-neutral.md).
* **A route into sUSDV yield.** Deposit stablecoins, mint USDV, stake into sUSDV: idle dollars become a position in Hyperliquid funding capture without taking on HYPE.
* **Minimal liquidation risk from price movement.** Stablecoin collateral does not swing the way HYPE does, so LTV drift comes mainly from small collateral-side price deviations rather than drawdowns.

## Steps

1. **Connect wallet** to the Delpho dapp.
2. **Select USDC or USDT** as the collateral type.
3. **Enter the amount** you want to deposit. The dapp shows the maximum USDV you can mint at the current LTV for that collateral. The minimum mint is 50 USDV. See [Parameters ](/delpho-docs/parameters.md)for the live values.
4. **Approve** the token if you have not used Delpho before. This is a one-time approval per asset.
5. **Optionally enable auto-deleverage**. If turned on, the protocol will automatically unstake your sUSDV and repay USDV as your LTV approaches the liquidation threshold, keeping you out of liquidation. Requires holding sUSDV. Recommended for users who do not actively monitor positions.
6. **Deposit and mint** in a single transaction. The dapp shows your new position with health factor.

## What to watch

* **Health factor:** visible in the app. Stablecoin collateral moves little, but the threshold still applies. See [Manage your borrow position](/delpho-docs/using-delpho/manage-your-borrow-position.md).
* **Stablecoin depeg risk:** USDC or USDT trading away from $1 moves your collateral value and therefore your LTV. The protocol values collateral by oracle (USDC/USD, USDT/USD feeds; see [Oracles](/delpho-docs/how-delpho-works/oracles.md)).
* **Maximum LTV:** 80% at launch for USDC and USDT.
* **Liquidation threshold:** 90% LTV at launch.
* **What happens at liquidation:** if your position crosses the threshold without sufficient auto-deleverage capacity, the treasury absorbs the position. You pay a total liquidation penalty of about 10%: 9% to the treasury, a capped 1% to the caller. You keep the rest of your collateral. See [Liquidations](/delpho-docs/how-delpho-works/liquidations.md) for the full mechanic.
* **sUSDV yield is variable:** it is not a fixed coupon. In sustained negative-funding periods it can fall to zero. See [Funding rate risk](/delpho-docs/risk/funding-rate-risk.md).

## Where to go next

* [Minting USDV](/delpho-docs/how-delpho-works/minting-usdv.md) - the mechanics behind the mint flow.