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.