Permissionless Quote Assets on Hyperliquid
How eligible stable assets become Hyperliquid spot quote tokens through precision, stake, peg, liquidity, and deployer requirements.
A permissionless quote asset can serve as the denominator for spot markets without becoming an aligned stablecoin. The current specification focuses on token precision, deployer economics, HYPE stake, peg quality, and market liquidity.
Token-format requirements
A permissionless spot quote asset must use eight wei decimals and two size decimals. The deployer fee share on the quote token must be zero.
Stake and commitment
Most deployers must stake 200,000 HYPE. The stake is committed for three years and can be slashed by validator vote when the documented quality conditions are violated.
USDC and USDT are exempt from this staking requirement because of their established scale and track record.
Peg and liquidity tests
The current documentation specifies depth requirements for the QUOTE/USDC book around tight one-dollar price bands and requires a liquid HYPE/QUOTE market. A quote asset can become slashable if the documented conditions fail for a majority of uniformly spaced samples over a three-day period.
Enabling the quote token is irreversible
Once the requirements are satisfied, the token deployer sends an enableQuoteToken transaction. The documentation describes this conversion as irreversible.
Permissionless does not mean AQAv2
Permissionless quote status and AQAv2 alignment are separate concepts. AQAv2 adds treasury and technical deployer roles, 500,000 HYPE stake for each role, reserve-yield sharing, and validator activation. The AQAv2 specification does not provide a trading-fee or fee-tier volume benefit.
For the direct comparison, continue to Aligned vs Permissionless Quote Assets.