Seed Funding to Support Growth of USDh Stablecoin

Bitcoin-backed stablecoin developer Hermetica has raised $1.7 million in seed funding led by UTXO Management, with contributions from CMS Holdings, Ethos Fund, and others. The funding will be directed towards expanding the ecosystem for USDh, Hermetica’s yield-bearing synthetic dollar. The USDh is a unique asset issued on the Bitcoin network, and Hermetica aims to build partnerships with custodians and improve liquidity options for this stablecoin.

Expanding Reach and Functionality

According to Hermetica’s CEO, Jakob Schillinger, the firm plans to use the funds to extend its offerings to additional Bitcoin Layer 2 networks like Arch Network and Bitlayer. This approach reflects Hermetica’s mission to create accessible, stable-value financial tools for users, particularly in emerging markets where currency stability can be an ongoing challenge.

Focus on Accessibility in Emerging Markets

Schillinger emphasized that USDh aims to serve as a dollar-denominated asset and savings instrument, catering to regions where access to traditional financial products is limited. By building on Bitcoin’s network, Hermetica positions itself to leverage Bitcoin’s security and reach, offering stable-value assets in a decentralized format. Source: The Block
Read the full article on theblock.