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Every HyperStrategy bond begins with a USDT0 deposit and ends at maturity with one of two outcomes: HSTR tokens at a favorable conversion rate, or your full principal back in USDT0. Between those two moments, the bond is a live ERC-20 token you can hold, transfer, or trade. This page walks you through the complete lifecycle, from acquiring USDT0 to redeeming at expiry.

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Step-by-Step Lifecycle

1

Acquire USDT0

USDT0 is the stablecoin used across HyperEVM and the only accepted deposit currency for HyperStrategy bonds. You can acquire USDT0 on HyperEVM DEXes or bridge it from another chain. The USDT0 contract address on HyperEVM is 0xB8CE59FC3717ada4C02eaDF9682A9e934F625ebb.
2

Visit the Bond Interface and Choose an Active Series

Navigate to bonds.hyperstrategy.com and review the currently active bond series. Each series displays its strike price, maturity date, issuance end date, and remaining USDT cap. Select the series whose parameters best match your strategy.
3

Deposit USDT0 to Mint Bond Tokens

Enter the amount of USDT0 you want to deposit and confirm the transaction. You receive Bond ERC-20 tokens proportional to the amount of USDT0 you deposited. These tokens represent your convertible position in the protocol and appear in your wallet like any other ERC-20.
4

Hold to Maturity or Trade on the Secondary Market

Once you hold Bond tokens, you have two options. You can hold them until the maturity date and redeem for one of the two outcomes below. Alternatively, because bonds are standard ERC-20 tokens, they are tradable, even before maturity.
5

Redeem at Maturity

Return to bonds.hyperstrategy.com on or after the maturity date and submit your redemption transaction. The outcome depends on the HSTR market price at maturity.

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Redemption Outcomes

Either outcome is a win. Above strike, you convert into HSTR at a favorable rate and walk away in profit. Below strike, you get your full USDT0 principal back. There is no losing scenario, only upside or break-even.
HSTR price ≥ strike price → you receive HSTR tokensWhen the HSTR market price at maturity is at or above the bond’s strike price, your bonds convert into HSTR. You receive HSTR rather than your original USDT0, capturing the appreciation between the strike price and the current market price.Conversion formula:
HSTR received = USDT deposited ÷ strike price
Because you acquire HSTR at the strike price, lower than the current market price, you immediately hold tokens worth more than your original deposit.

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Full Worked Example

Here is a concrete example that illustrates both scenarios end-to-end. Setup:
DetailValue
Date of bond issuance7/4/2025
HSTR price at issuance$1.15
Strike price$1.25
Maturity date8/4/2025
Your deposit$1,000 USDT0
One month passes and the bond reaches maturity on 8/4/2025. Here is what happens under each scenario:
HSTR market price at maturity: $1.30$1.30 is above the $1.25 strike price, so your bonds convert into HSTR.
HSTR received = $1,000 ÷ $1.25 = 800 HSTR
Value at $1.30 = 800 × $1.30 = $1,040
Profit = $1,040 − $1,000 = $40
You walk away with 800 HSTR worth $1,040, a $40 gain on your $1,000 deposit.
You don’t have to wait until maturity. Because bonds are ERC-20 tokens, you can sell them on a secondary market DEX at any time before expiry. If market sentiment shifts or you need liquidity, trading your bonds is always an option.