DeFi
Hermetica DeFi launches the first USDh synthetic dollar backed by Bitcoin
Vladislav Sopov
New stablecoin, natively backed by largest cryptocurrency, expected to generate up to 25% returns
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The new stablecoin will be fully integrated into DeFi’s existing Bitcoin (BTC) ecosystem from the first days of its operations. Additionally, it will come with built-in yield generation opportunities for holders and investors of DeFi protocols.
Hermetica’s USDh, the first BTC-backed stablecoin, launches
Hermetic, a next-generation DeFi protocol built on Bitcoin (BTC), is proud to announce the launch of USDh, the first-ever synthetic dollar backed by Bitcoin. Expected to be live on mainnet next month, USDh offers a yield of up to 25%.
The new asset is expected to allow Bitcoiners to hold USD, earn a significant yield, and remain fully integrated into the Bitcoin ecosystem without the need to withdraw money via crypto-fiat exit ramps.
USDh represents a crucial innovation for crypto enthusiasts looking to diversify their holdings without leaving the security of the Bitcoin (BTC) blockchain, an ambition shared by many Bitcoiners.
Jakob Shillinger, CEO of Hermetica, highlights the paramount importance of the USDh release for the entire Bitcoin (BTC) ecosystem:
We’re excited to solve some of the biggest problems in the Bitcoin (BTC) ecosystem today. Soon you will be able to hold dollars without seeing them inflate while remaining completely outside of the traditional banking system; no banks, no fiat – just Bitcoin. A stablecoin backed by the world’s hardest asset (BTC) native to the most secure Blockchain (Bitcoin).
This new financial product benefits from the robustness of Bitcoin-based security, enabling seamless and lucrative interaction with digital assets.
Bitcoin-centric innovations from market veterans
The vision and execution of the protocol is supported by Two Prime, a leading SEC-registered institutional asset manager and an early backer of Hermetica.
Alexander Blume, Managing Partner of Two Prime, is excited to showcase his product in such a bold experimental initiative on Bitcoin (BTC):
We have thoroughly analyzed the existing market and know that Hermetica and Two Prime can deliver the first synthetic Bitcoin-backed dollar with high yield, institutional risk controls and superior collateral management (…) We are excited to partner with Hermetica to offer these products. to the Bitcoin ecosystem.
Users interested in early access to USDh are encouraged to join the Hermetica waitlist on the project’s official website. Hermetica’s initial offerings have already demonstrated significant traction in the market, with its first token reaching $1 million in total value locked (TVL) within a week of launching its private whitelist.
The protocol was built by a crypto-native team with previous experience at Kraken, Bloomberg and State Street.
About the Author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in computer analysis, 3+ years in blockchain.
Worked in independent analyzes as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)