---
title: "Hermetica USDh (USDh) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdh-hermetica/"
description: "Build-time stablecoin profile for Hermetica USDh (USDh). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Hermetica USDh (USDh)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Hermetica's USDh is the Ethena playbook on Bitcoin-native infrastructure: a {{term:basis-trade}}basis-trade{{/term}} {{term:delta-neutral}}delta-neutral{{/term}} synthetic dollar deployed on Stacks L2 with a Runes variant on Bitcoin L1. Hermetica brings the Ethena playbook to Bitcoin-native infrastructure: BTC spot plus short {{term:perpetual}}perpetual{{/term}} futures creating a {{term:delta-neutral}}delta-neutral{{/term}} synthetic dollar, deployed exclusively on Stacks L2 with a Runes variant on Bitcoin L1. At $9 million in circulation from a protocol that raised $1.7 million in seed funding, USDh is the smallest delta-neutral stablecoin on the dashboard and the only one that touches neither Ethereum nor a single EVM chain. Yield flows to sUSDh stakers via {{term:funding-rate}}funding-rate{{/term}} payments from the short perpetual positions, with Hermetica advertising up to 25% APY — a figure that depends entirely on perpetual funding rates staying positive, which historically they do until they catastrophically don't. Minting requires KYC/AML verification through Hermetica's app, collateral sits on centralized exchanges with CEX-tier {{term:custody}}custody{{/term}}, and a DIA oracle prices the token on-chain — a trust stack that makes this less a trustless Bitcoin dollar and more a managed fund with a Clarity smart contract wrapper. The single-chain, single-entity design is refreshingly honest about what it is: a bet that Bitcoin's basis trade can sustain a stablecoin ecosystem outside the EVM monoculture.

## Collateral

BTC spot holdings paired with equal short BTC perpetual futures positions on centralized exchanges, creating a delta-neutral synthetic dollar position; BTC margin reserves custodied off-exchange via Copper (Clearloop) and Ceffu (MirrorX) institutional settlement providers, with monthly custodian attestations of assets, liabilities and reserve coverage

## Peg Mechanism

Delta-neutral hedging: BTC spot long + equal BTC short perpetual futures neutralize directional exposure; mint and redeem via KYC-gated Hermetica app; DIA oracle provides reserve-backed fair value pricing on Stacks

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Panama | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| stacks | `SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1` | 8 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdh-hermetica.