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Hermetica USDh
USDh is a synthetic dollar backed by Bitcoin and a hedging stack, not by cash in a bank.
USDH vs the other dollar products.
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.
Same score, different shape.
Each spoke is one of the eight factors behind Hermetica USDh's 6.2/10, plotted 0–10 and ordered by methodology weight. The filled shape is the product's risk profile. Two products can share an overall score and still have opposite silhouettes — a balanced octagon is a very different risk than a spike on one axis with thin edges everywhere else. Hermetica USDh is strongest on yield source (8.1/10) and thinnest on liquidity / exit depth (3.5/10).
The 8-factor breakdown.
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.
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.
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 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.
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.
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.
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.
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.
The receipts.
Every figure on Hermetica USDh traces to a primary document. These are the ones we read — open any of them.