No. hyUSD is holding its peg. Pegana's current read is −0.26% from intrinsic value, inside its calibrated drift band. Hylo USD (hyUSD) last traded at $0.9974 against an intrinsic value of $1.0000, as of .
hyUSD is a CDP-backed stablecoin: it is minted against on-chain collateral, so Pegana reads the collateral ratio directly rather than inferring health from price alone. Pegana computes hyUSD’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against hyUSD’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.