Hermetica announced securing $1.7 million to advance its USDh stablecoin aimed at the Bitcoin ecosystem.
USDh Stablecoin and Its Features
USDh is a US dollar-pegged stablecoin operating within the Bitcoin ecosystem. It allows users to hold digital assets without converting to fiat currency. USDh is backed fully by Bitcoin at a 1:1 ratio, providing a reliable way for users to manage dollar-denominated holdings within the cryptocurrency space without leaving it.
Securing $1.7M Investment for USDh
Hermetica raised $1.7 million in seed funding to accelerate USDh's development. The funding round was led by UTXO Management, with participation from investors like CMS Holdings, Ethos Fund, and Trust Machines SPV. The capital will be used to expand USDh's adoption on Bitcoin Layer 1 and Layer 2 networks, which enable faster and more cost-effective transactions while maintaining security.
USDh's Role in Expanding DeFi and Bitcoin
USDh is active on the Stacks Layer 2 network, opening opportunities for users to earn up to 25% yield. The stablecoin aims to tap into an estimated $1 trillion in Bitcoin value that remains underutilized within decentralized finance (DeFi). USDh also seeks to strengthen its position in the over $160 billion global stablecoin market, offering a decentralized and secure alternative to traditional fiat-backed stablecoins. Hermetica plans to boost USDh's liquidity, improve institutional partnerships, and support off-exchange settlement solutions.
Hermetica's launch of USDh highlights the significance of stablecoins in decentralizing finance and managing stable assets.