What is Monetrix USD?

USDM is a stablecoin issued by Monetrix that automatically generates yield for holders through a "basis dollar" strategy, capturing funding spreads and market-making rebates on Hyperliquid. It uses dynamic rebalancing between funding yield, BLP yield, maker rebates, and HLP to maintain sustainable APY (currently ~17.52%). The protocol operates with full transparency — every position is verifiable on Hyperliquid — and has no counterparty risk, as funds are never stored on centralized exchanges. The yield is real protocol revenue, not incentive farming.