New York, Thursday, October 3, 2024– Hermetica has launched its Bitcoin-backed stablecoin, USDh, on the Stacks Layer 2 network, broadening options for decentralized finance (DeFi) in the Bitcoin ecosystem. Unlike traditional stablecoins backed by fiat reserves, USDh is fully backed by Bitcoin, allowing users to hold and earn yields up to 25%, according to a press release shared with crypto.news.
USDh first gained traction on Bitcoin’s Layer 1, accumulating $2 million in Total Value Locked (TVL) in just four months. By expanding to Stacks, which offers faster block times, Hermetica aims to tap into a broader DeFi user base.
Major decentralized exchanges like Bitflow Finance, Velar, and Zest Protocol are integrating USDh, positioning it as a key tool for unlocking Bitcoin’s potential in the DeFi market. Currently, only 1% of Bitcoin’s $1.3 trillion market cap is involved in DeFi, making USDh an important bridge between Bitcoin and decentralized finance.
Hermetica is a pioneering platform focused on integrating Bitcoin into decentralized finance (DeFi) by offering Bitcoin-backed stablecoins. Its flagship stablecoin, USDh, is fully backed by Bitcoin and allows users to transact in dollars while remaining within the Bitcoin ecosystem.
