As a seasoned analyst with a decade of experience in the cryptocurrency industry, I find the expansion of Hermetica’s USDh stablecoin to the Stacks L2 network a promising development for Bitcoin-based DeFi.
Bitcoin-backed stablecoin USDh launches on Stacks L2, offering new DeFi options.
The Hermetica project has broadened the scope of its Bitcoin-tied stablecoin, USDh, by integrating it into the Stacks (STX) Layer 2 infrastructure, which represents a substantial milestone in the development of decentralized finance based on Bitcoin.
This move allows users to hold USDh, a stablecoin pegged to the US dollar and fully backed by Bitcoin (BTC), while earning yields of up to 25%, according to a press release shared with crypto.news.
As a crypto investor, I prefer USDh over traditional stablecoins because it’s directly linked to Bitcoin. This connection enables Bitcoin enthusiasts like me to generate returns and conduct transactions in USD without ever having to leave the Bitcoin environment.
USDh
4 months ago, USDh started gaining popularity on Bitcoin’s primary platform and soon garnered $2 million in total value secured, showcasing robust interest in stablecoins backed by Bitcoin. By moving to Stacks, a secondary layer of Bitcoin, Hermetica seeks to connect with a broader DeFi audience while preserving the security advantages of Bitcoin.
Stacks, recently upgraded to offer faster block times, is an ideal platform for USDh’s growth.
Major decentralized platforms like Bitflow Finance, Velar, and Zest Protocol are incorporating USDh, expanding its utility within their system. This rollout intends to unveil Bitcoin’s latent potential, empowering holders to tap into stablecoin liquidity without leaving the Bitcoin sphere.
By connecting just 1% of Bitcoin’s $1.3 trillion market worth with the rapidly growing Decentralized Finance (DeFi) sector, USDh could serve as a link, facilitating a more seamless interaction between Bitcoin’s worth and the burgeoning DeFi market.
Read More
Sorry. No data so far.
2024-09-25 17:44