As a seasoned researcher with a deep-rooted interest in the crypto realm, I find this development surrounding USDh intriguing and promising. Having witnessed the volatility of Bitcoin firsthand, I appreciate the value proposition that a stablecoin like USDh brings to the table. By allowing Bitcoin holders to transact with a digital asset pegged to the value of the U.S. dollar within the Bitcoin ecosystem, it seems that Hermetica is addressing a significant pain point in the crypto space.
The firm responsible for developing the stablecoin USDh, which is tied to Bitcoin, has successfully secured $1.7 million in initial funding rounds.
As an analyst, I’m excited to share that the funding will bolster the expansion of USDh, a digital currency with a foundation in Bitcoin (BTC). Unlike Bitcoin, which experiences price volatility, USDh is a form of cryptocurrency engineered to maintain its worth by being anchored to a stable asset such as the U.S. dollar, providing a more predictable value for users.
1 US Dollar-pegged (USDh) tokens enable Bitcoin owners to carry out transactions using a digital currency tied to the U.S. dollar’s value within the Bitcoin network. Essentially, 1 USDh corresponds to 1 USD in terms of Bitcoin’s value.
As reported in a recent press announcement, UTXO Management took the lead in a funding round that gathered notable investors such as CMS Holdings, Ethos Fund, and Trust Machines SPV. Additionally, strategic supporters like Tycho Onnasch from Zest Protocol and Robin Obermaier of Liquidium provided their contributions to this investment round.
What is USDh?
USDh, a stablecoin, can be found on Bitcoin’s primary blockchain, also known as Layer 1, and various Layer 2 networks. This setup enables quicker and more affordable transactions. You can acquire USDh on decentralized trading platforms.
Last month, Hermetica launched USDh on the Stacks Layer 2 network. The move offered users the potential to earn yields of up to 25%.
In essence, as the stablecoin market expands, USDh aims to capture a portion of the potential $1 trillion in Bitcoin value that remains untouched within DeFi. The objective is to provide Bitcoin users with a secure method for holding dollars while staying within the Bitcoin environment without the need for exiting or converting to traditional fiat currency.
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2024-10-16 18:25