Stablecoin developer Hermetica completes $1.7 million seed round financing, led by UTXO Management

ChainCatcher news, stablecoin developer Hermetica has completed a $1.7 million seed round financing, led by UTXO Management. CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine, and numerous angel investors participated.

Hermetica has developed the yield-bearing synthetic dollar USDh, which is issued on the Bitcoin network. The company intends to use this funding to strengthen the USDh ecosystem, such as through custodial partnerships and enhanced liquidity. Hermetica plans to use this funding to expand into other Bitcoin L2s in the coming months, such as Arch Network and Bitlayer.

According to RootData, Hermetica Finance is a non-custodial structured product protocol for Bitcoin. The Hermetica treasury uses automated options yield strategies to generate risk-adjusted returns in Bitcoin and stablecoins.