Loading…
Score verified Apr 24, 2026 · market cap as of Apr 24, 2026·Hermetica USDh review · 5 source documents read · Reserve-backedIndependent. No commercial relationship with Hermetica USDh.No commercial relationships.
pledge
Hermetica USDh
Type · Reserve-backed·Bucket · Bitcoin-linked reserve-backed·Chain · Bitcoin L1 / Runes and Stacks-based Bitcoin DeFi
Reserve-backedBitcoin-backed synthetic dollarYield-bearing optionBitcoin L1 / Runes and Stacks-based Bitcoin DeFi
EDITOR'S VERDICT
USDh is a synthetic dollar backed by Bitcoin and a hedging stack, not by cash in a bank.
6.2
Pledge risk score
$9.4M
Market cap
Yield-bearing option
Yield treatment
Reserve-backed
Subtype
QUICK READ
BEST FOR
+Users who want the strongest pure-Bitcoin story in this set.
+People comfortable with derivatives-based peg maintenance.
+Readers comparing protocol-fee yield, dividend yield, and basis-trade yield side by side.
PAUSE IF
−You do not want exchange, hedge, or funding-rate dependence in a dollar product.
−You are not comfortable separating the base stablecoin from its yield-bearing staked wrapper.
−You want larger liquidity and longer operating history before leaning on it heavily.
AT A GLANCE
TickerUSDH
SubtypeReserve-backed
BucketBitcoin-linked reserve-backed
ChainBitcoin L1 / Runes and Stacks-based Bitcoin DeFi
ModelBitcoin-backed synthetic dollar
Yield treatmentYield-bearing option
Base assetUSDh
Market cap$9.4M (as of 2026-04-24)
Overall score6.2 / 10
Last verified2026-04-24
VS THE ALTERNATIVES
Compare all 14 products →USDH vs the other dollar products.
WHY WE TRACK USDH
The research angle.
Hermetica is one of the most conceptually important projects in the set because it makes the “dollars outside the banking system, backed by Bitcoin only” case more cleanly than most competitors.
Subtype
Reserve-backed
Bucket
Bitcoin-linked reserve-backed
Chains
Bitcoin L1 / Runes and Stacks-based Bitcoin DeFi
Backing
Hermetica says USDh represents one U.S. dollar worth of Bitcoin and maintains the peg by coupling spot BTC with a short perpetual futures position.
Peg mechanism
The system aims to stay delta-neutral in dollar terms rather than relying on fiat reserves. That is elegant, but it makes exchange, execution, and funding mechanics central to the actual risk profile.
Yield
Yield comes from positive funding-rate payments on the short perp hedge. Users who stake USDh receive sUSDh, which accrues those funding payments, while a reserve fund is meant to cover negative-funding periods.
Redemption
USDh is best understood as a hedged synthetic dollar. It may be Bitcoin-native, but the operational path still depends on exchanges, custodians, and reserve-fund management.
SAFETY METHODOLOGY · v3.2 · DIGITAL MONEY-ADAPTED
The 8-factor breakdown.
6.2/10
Weighted overall risk score
01 · weight 18%7.3/10
Backing source
Hermetica says USDh represents one U.S. dollar worth of Bitcoin and maintains th
Hermetica says USDh represents one U.S. dollar worth of Bitcoin and maintains the peg by coupling spot BTC with a short perpetual futures position.
02 · weight 14%4.6/10
Mint / redemption path
USDh is best understood as a hedged synthetic dollar. It may be Bitcoin-native,
USDh is best understood as a hedged synthetic dollar. It may be Bitcoin-native, but the operational path still depends on exchanges, custodians, and reserve-fund management.
03 · weight 13%6.6/10
Peg design
The system aims to stay delta-neutral in dollar terms rather than relying on fia
The system aims to stay delta-neutral in dollar terms rather than relying on fiat reserves. That is elegant, but it makes exchange, execution, and funding mechanics central to the actual risk profile.
04 · weight 13%8.1/10
Yield source
Yield-bearing option
Yield comes from positive funding-rate payments on the short perp hedge. Users who stake USDh receive sUSDh, which accrues those funding payments, while a reserve fund is meant to cover negative-funding periods.
05 · weight 12%3.5/10
Liquidity / exit depth
Synthetic-dollar exit path depends on exchanges, hedges, and reserve-fund operations.
Overall score = 6.15 under the Bitcoin-holder Digital Credit standard. USDh earns more credit for a pure BTC-backed synthetic-dollar thesis, explicit BTC-plus-short-perp mechanics, and published mint/security docs. It is capped by approved-participant redemption, USDC/USDT mint/redeem rails, exchange/custodian dependencies, possible redemption pauses, and thinner exit liquidity.
06 · weight 11%6/10
Smart contract / bridge
Bitcoin-backed synthetic dollar
Overall score = 6.15 under the Bitcoin-holder Digital Credit standard. USDh earns more credit for a pure BTC-backed synthetic-dollar thesis, explicit BTC-plus-short-perp mechanics, and published mint/security docs. It is capped by approved-participant redemption, USDC/USDT mint/redeem rails, exchange/custodian dependencies, possible redemption pauses, and thinner exit liquidity.
07 · weight 10%5.6/10
Governance / counterparty
Governance & counterparty risk
Overall score = 6.15 under the Bitcoin-holder Digital Credit standard. USDh earns more credit for a pure BTC-backed synthetic-dollar thesis, explicit BTC-plus-short-perp mechanics, and published mint/security docs. It is capped by approved-participant redemption, USDC/USDT mint/redeem rails, exchange/custodian dependencies, possible redemption pauses, and thinner exit liquidity.
08 · weight 9%6.5/10
Transparency / proof
Disclosure & attestation
Overall score = 6.15 under the Bitcoin-holder Digital Credit standard. USDh earns more credit for a pure BTC-backed synthetic-dollar thesis, explicit BTC-plus-short-perp mechanics, and published mint/security docs. It is capped by approved-participant redemption, USDC/USDT mint/redeem rails, exchange/custodian dependencies, possible redemption pauses, and thinner exit liquidity.
Review statusMethodology v3.2 · stablecoin-adapted. Last full review 2026-04-24. Continuous peg monitoring. Found a factual error? bitcoinanalytica@gmail.comRead methodology v3.2 ↗