hyUSD is a Hydra-native, collateralized wrapper token — fully backed 1:1 by sUSDe, the yield-bearing stable asset from Ethena Labs. sUSDe represents staked USDe, which is minted against deposits of BTC, ETH, and other stablecoins. Ethena operates under a delta-neutral strategy, where collateral assets are held long while an equivalent short futures position offsets price exposure — generating sustainable yield from funding rate differentials.