CandleFocus Bitcoin-backed Hermetica secures $1.7m to expand stablecoin USDh
2024-10-16
Author: Content Editor
Hermetica, the company behind the Bitcoin-backed stablecoin USDh, has raised $1.7 million in seed funding. The funding will support the growth of USDh, which is designed to be backed by Bitcoin and aims to keep its value tied to the U.S. dollar. USDh allows Bitcoin holders to transact with a digital asset pegged to the value of the U.S. dollar without leaving the Bitcoin ecosystem. The funding round was led by UTXO Management and included investors such as CMS Holdings, Ethos Fund, Trust Machines SPV, and strategic backers like Tycho Onnasch and Robin Obermaier. The stablecoin is issued on Bitcoin's main blockchain and Layer 2 networks, offering faster and cheaper transactions. USDh targets a share of the estimated $1 trillion untapped Bitcoin value in DeFi to enable Bitcoin market participants to securely hold dollars without converting to fiat.
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