Bitcoin-Backed USDh Platform Hermetica Secures $1.7M Funding Round
Overview of Hermetica's Funding
Hermetica, the platform behind USDh, the first Bitcoin (BTC)-backed yield-generating synthetic dollar, has successfully closed a $1.7 million seed funding round. Reported on Wednesday, October 16, this funding was led by UTXO Management with participation from notable firms such as CMS Holdings, Ethos Fund, and Trust Machines SPV.
Strategic Implications for USDh
The new capital will be directed toward driving the growth of USDh, which is issued on Bitcoin Layer-1 (L1) through Runes and Layer-2 (L2) via Stacks. Available on decentralized exchanges (DEX), USDh aims to tap into the expanding stablecoin market, now over 100% growth year-over-year.
The Future of Digital Dollars
- $1.3 trillion Bitcoin market cap with less than 1% utilized in decentralized finance (DeFi)
- Hermetica Labs CEO, Jakob Schillinger, asserts that stablecoins are foundational to DeFi.
- USDh presents an opportunity for Bitcoin users seeking a reliable dollar asset.
As the landscape of blockchain finance evolves, Hermetica aims to offer a decentralized, secure alternative to fiat-backed stablecoins by leveraging Bitcoin's intrinsic strengths.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.