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Money market model

Mobius uses pooled lending on HyperEVM. Lenders deposit assets (e.g., USDC) into shared pools and earn interest from borrowers. Non-rehypothecation: Collateral is never lent out. Borrowed funds and collateral stay inside each borrower’s Credit Account smart contract, isolating risk and simplifying liquidations for lenders.

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Markets

Each market specifies its accepted collateral set and a debt token. All lenders and borrowers inside a market share its liquidity. The initial Core Market targets blue-chip collateral like BTC, ETH, and HYPE against USDC debt. Future permissionless markets can be launched with custom collateral/debt pairs to serve specialized strategies.

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mUSDC and imUSDC

Hyperliquid’s native Portfolio Margin on HyperCore pays passive yield on idle USDC. Mobius exposes that yield to HyperEVM users through the mUSDC vault, then stacks it via the money market.
  • Bridge & earn: Users deposit USDC into the Mobius Vault on HyperEVM; Mobius bridges the funds to HyperCore to earn native PM yield.
  • mUSDC: Depositors receive mUSDC on HyperEVM representing the bridged USDC plus accrued native interest; it remains liquid and composable.
Yield stacking with imUSDC:
  1. Supply mUSDC into the Mobius lending pool.
  2. Borrowers can use mUSDC as trading collateral or strategy capital.
  3. Lenders receive imUSDC, combining HyperCore PM yield with borrower-paid interest for a “double dip.”