HERMETICA USDh (Upgrade) SECURITY REVIEW

AUTHOR
KRISTIAN APOSTOLOV, ALIN BARBATEI (ABA)
PUBLISHED
SEPTEMBER 4TH, 2025
FINDINGS COUNT
7

Hermetica's USDh is the first Bitcoin-backed synthetic dollar that yields up to 25%.

The Hermetica protocol couples spot BTC with a short perpetual futures position to create a synthetic dollar that is native to Bitcoin L1 and L2s.

Staked USDh, a Bitcoin backed, yield instruments accrues daily yields from perpetual futures funding rates.

Summary of Findings

1

HIGH FINDING

1

Low FINDING

5

QA FINDINGS