DeFi
USDh launches as first Bitcoin-backed dollar offering 25% yield
In a revolutionary development in Bitcoin-native decentralized finance (DeFi), Hermetica announced the launch of USDh, the first synthetic dollar backed by Bitcoin with a promising yield of up to 25%. Scheduled to debut in June, this innovative financial product aims to redefine liquidity and investment strategies within the Bitcoin ecosystem.
USDh Set to Transform Bitcoin DeFi with Staggering 25% Return Starting in June
According to CointelegraphHermetica has created the first synthetic US dollar backed by Bitcoin with yield generation capabilities, marking the latest milestone in Bitcoin-native decentralized finance (DeFi).
The new synthetic dollar, USDh, will launch in June and offer users payouts of up to 25%, according to a statement shared with Cointelegraph by Hermetica.
According to Jakob Schillinger, founder and CEO of Hermetica Labs, the new synthetic dollar will allow Bitcoiners to hold and profit from their US dollars without relying on the banking system or being exposed to non-Bitcoin products.
“USDh will play a central role in bringing increased liquidity and new use cases to Bitcoin DeFi, allowing Bitcoiners to trade, lend, and transact a dollar asset fully backed by Bitcoin,” Schillinger told Cointelegraph.
Hermetica is a Stacks-native DeFi protocol for Bitcoin that is part of a larger movement called Bitcoin DeFi (BTCFi). This move aims to provide DeFi functionality to the world’s leading blockchain network.
The introduction of the first synthetic dollar backed by Bitcoin comes two months after Ethena’s USDe. made his debutwith a 27.6% return for investors, raising significant concerns about the viability of the protocol.
USDh promises sustainable 25% yield amid high returns in Bitcoin futures markets