The developers of USDh, a stablecoin on Bitcoin’s layer 2 Stacks, have secured $3 million in liquidity. This deal, facilitated by DeFi protocol Hermetica and Bitcoin lending protocol Zest, aims to make USDh the largest stablecoin on Stacks. They plan to offer yield on USDh through lending against sBTC, a bitcoin-backed asset. Hermetica projects an initial annual percentage yield (APY) as high as 50%, with an average APY of 18%. This liquidity boost is a small step in Bitcoin’s evolution into a network supporting DeFi, but it pales in comparison to major stablecoins like USDT and USDC, which have market caps of over $138 billion and $51 billion respectively.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
