Hermetica, the creator of USDH, a Bitcoin-backed, yield-bearing synthetic dollar, has secured $1.7 million in seed funding. The round, led by UTXO Management, will accelerate the development of USDH, a stablecoin that operates on Bitcoin’s layer one (L1) and layer two ( L2) networks.
Hermetica Raises $1.7M in Seed Round to Fuel Stablecoin Expansion
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USDH Gains Momentum as Hermetica Raises $1.7 Million in Seed Funding
According to the announcement shared with Bitcoin.com News, Hermetica‘s funding will support USDH’s growth, including expanding its availability on decentralized exchanges and enhancing its liquidity across the Bitcoin ecosystem. As the stablecoin market continues to grow, Hermetica said it aims to capture an untapped $1 trillion potential within the Bitcoin decentralized finance ( defi) space.
USDH is designed to offer bitcoin users a stable, dollar-denominated asset, redeemable for bitcoin ( BTC), without requiring them to exit the ecosystem or convert to fiat. Hermetica’s disclosed that its plans include institutional partnerships and scalable settlement solutions to strengthen USDH’s use in the decentralized finance market.
Investors such as CMS Holdings, Ethos Fund, and Trust Machines SPV also backed the project, recognizing its potential to reshape how Bitcoin holders interact with stablecoins in a decentralized, secure environment. “We believe stablecoins are a foundational building block for a decentralized financial system. USDH is the ideal bitcoin-backed stablecoin—capital efficient, independent of the fiat system, and yield-generating.” Hermetica Labs CEO Jakob Schillinger remarked.
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