Hive

Hive is a stablecoin infrastructure protocol on Monad with four token classes: BHIVE as the governance token, veBHIVE obtained by locking BHIVE and receiving 50% of net revenue, USDh as the dollar-pegged stablecoin, and Strategy Stablecoins that wrap yield strategies into a stablecoin. USDh is minted and redeemed one to one against USDC and USDT through a peg stability module whose rate is fixed in its parameters.

The module keeps USDh free of over-collateralisation and liquidation: users deposit stablecoins for USDh and reverse the trade at the same rate, arbitrageurs close gaps when the secondary price drifts from one dollar, and the peg rests on deterministic exchange rather than debt positions. Strategy Stablecoins layer yield on top with distribution set in contract parameters and exposure bounded by the strategies connected. The protocol sits in the debt-free branch of stablecoins, distinct from CDP designs in how it avoids liquidation.