USDH
#745USDH
USDH
Stablecoins · U.S. Dollar Stablecoin+1USDH#745
Mcap$21.24M$0.9940.57%
Low Volume
Low Volume
USDH Metrics
Spot Volume (24H)
$15,531+489.26%
Marketcap
$21.24M
FDV
$99.43B
Mindshare
Very Low
Circ. Supply
21.4M
Max Supply
-
Mcap/FDV
0.02%
Total Supply
100.0B
Sector Ranking
#69
About & Links
About & Links
USDH Performance
All Time High
$1.01-1.79%
Nov 10, 2025
Cycle Low
$0.900+10.49%
Jul 22, 2026
Trending
USDH Metrics
Spot Volume (24H)
$15,531+489.26%
Marketcap
$21.24M
Mindshare
Very Low
Last Updated: Oct-29-2026 8:48 UTC
Hermetica USDh Project Update
Get Caught Up
Ethena's USDH Proposal for Hyperliquid
Ethena has proposed USDH as a Hyperliquid-first stablecoin, seeking community and validator support with a plan centered on security, compliance, and capital allocation to position USDH as a flagship asset for Hyperliquid users 12. This matters because it signals a governance-aligned push to establish a dedicated stablecoin for the Hyperliquid ecosystem, potentially reshaping how liquidity and collateral are structured on the platform 2.
Kinetiq's Markets Platform to Quote Exclusively in USDH
Kinetiq's "Markets" platform aims to bring large non-crypto markets—equities, FX, and commodities—on-chain, quoted exclusively in USDH, with the goal of establishing the cheapest trading venue on Hyperliquid . The platform emphasizes extreme security measures, including six audits, a $5 million bug bounty with Spearbit, and safe harbor opt-ins, to attract institutional and long-term HYPER holders . This is significant because it positions USDH as the core quoting and settlement asset for a new class of on-chain markets.
Stacks Ecosystem Momentum Around Bitcoin Yield
The December 2025 Stacks Monthly Townhall confirmed that Bitcoin yield and self-custody are now the core thesis for the ecosystem, with a $27 million operating budget approved for 2026 and the launch of USDC on Bitcoin 4. Projects like Hermetica are launching noncustodial Bitcoin yield products targeting high APYs, signaling readiness for large-scale, self-custodial Bitcoin adoption 4.
Biggest Stories of 2025
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Stacks Monthly Townhall (December 2025): The ecosystem confirmed Bitcoin yield and self-custody as its core thesis, approved a $27 million 2026 budget, and highlighted Hermetica's noncustodial Bitcoin yield products as part of a shift toward product activation 4. (December 18, 2025)
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Custodian Attestations: November 2025: USDh's total supply reached approximately $5.12 million, with backing assets of roughly $5.12 million held across Copper ($2.55 million) and Ceffu ($2.19 million), yielding a backing ratio of about 101.5% 5. (November 26, 2025)
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Custodian Attestations: October 2025: USDh's supply stood at approximately $5.05 million, with backing assets slightly exceeding supply for over 101% collateralization, held across Copper and Ceffu 6. (October 29, 2025)
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Founder's Letter Q3 2025: Hermetica focused on refining existing offerings, expanding cross-chain onboarding (USDC via MetaMask, Phantom, or OKX), and achieving peak APYs of 22% with positive yields on 88% of days; the Reserve Fund grew 18.7% 7. (October 8, 2025)
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Custodian Attestations: September 2025: USDh was backed by approximately $6.29 million in off-exchange custodial assets, with $3.4 million held by Copper and $2.6 million by Ceffu, covering over 101% of supply 8. (September 24, 2025)
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Custodian Attestations: August 2025: USDh's supply reached approximately $6.16 million, with backing assets of roughly $6.16 million held across Copper ($3.38 million) and Ceffu ($2.59 million), representing about 101% backing 9. (August 27, 2025)
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Custodian Attestations: July 2025: USDh was backed by approximately $5.7 million in assets, with $4.93 million on Stacks and $757,165 on Runes, representing over 100% collateralization 10. (July 30, 2025)
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Founder's Letter Q2 2025: Hermetica launched Hermetica 2.0 with a redesigned interface, introduced the Transparency Dashboard and APY Dashboard, and simplified onboarding for both KYC and non-KYC users 11. (July 8, 2025)
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Custodian Attestations: June 2025: USDh was backed by approximately $5.53 million in off-exchange custodial assets, with a backing ratio of approximately 100.92% 12. (June 25, 2025)
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Hermetica: The First Bitcoin Bank: The article outlined Hermetica's vision of building the first Bitcoin-backed banking system, with USDh serving as a bridge between the dollar-based economy and a future Bitcoin Standard 13. (May 7, 2025)
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Hermetica Unveils Version 2.0: The platform launched Version 2.0 with an institution-grade interface, real-time dashboards for reserve backing and APY, and in-app swaps of sBTC and Stacks assets for USDh via Bitflow 14. (April 23, 2025)
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USDh Powers Zest Liquidations: USDh began powering liquidations for Zest Protocol on Stacks, enabling more scalable sBTC-backed loans with over $1M in USDh borrowable—a 300% increase in the borrow cap 15. (April 17, 2025)
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Founder's Letter Q1 2025: Hermetica doubled its team, developed a new app version, and established USDh as the largest stablecoin on Stacks, central to the first Bitcoin-native perpetuals DEX on Velar and Bitflow's stablecoin AMM 16. (April 7, 2025)
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Custodian Attestations: February 2025: USDh's total supply was 4,956,456.16, with backing assets of $5,011,769.09 held across Copper and Ceffu, resulting in 101.11% backing 17. (February 26, 2025)
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Custodian Attestations: January 2025: The first attestation report showed USDh's supply at 3,642,647.06, with $3,678,187.00 in backing assets held across Copper and Ceffu, ensuring 100.97% backing 18. (January 29, 2025)
