Hermetica USDh

Backed entirely by Bitcoin rather than bank dollars, Hermetica's USDh is a synthetic dollar that holds its peg through a delta-neutral hedge: BTC collateral is paired with a matching short perpetual-futures position, cancelling out price swings while the position's funding payments throw off yield. Holders who stake it receive sUSDh and collect that carry, which the issuer has quoted around the low double digits based on historical funding. Hermetica Labs, a Panama-registered company, runs the protocol without a stablecoin or e-money license, applies geofencing and KYC controls, and gates direct minting and redemption behind those checks, so most users simply buy and sell USDh on the open market. It expanded onto the Stacks Bitcoin layer-two, billing itself as the first Bitcoin-backed dollar to arrive there. The soft spot is the same as every hedged dollar: it depends on perpetual venues staying liquid and funding staying favorable.