Backing
USDh is issued natively on Bitcoin Layer 1 and 2s and is designed to maintain a $1 target value through 1:1 reserve backing and delta-neutral basis positions.
Hermetica publishes monthly attestations detailing protocol assets, liabilities, and reserve coverage.
Assets
Custodians
The BTC assets backing the protocol are securely held in institutional-grade custodians. All assets used to margin trades are stored in the off-exchange settlement solutions of Copper (Clearloop) and Ceffu (MirrorX) .
The custodians deposit addresses show the protocol inflows from minting transactions:
Ceffu 1: 141Pg9KB1fLgqY3vTABhrKoKyQDD7jjj9a
Ceffu 2: 16GCfT1bnJR6yZy5uZiBKDAc4HMyF2e9dS
Liabilities
Runes
The Runes protocol requires the entire token supply to be defined in the initial etching transaction. Both USDh and sUSDh have a total supply of 1 quadrillion tokens, stored in the protocol's reserve. Tokens enter circulation through minting and staking.
The circulating supply is verifiable on-chain by subtracting the tokens held in the reserve and protocol wallets from the total supply:
Circulating supply = 1 quadrillion - reserve wallet - protocol wallets
USDh & sUSDh Runes Protocol Wallets and Token Etchings
Protocol Wallets
Reserve Wallet: bc1q24t48s4lyks0309u9arqtqcrj5txc73pf6xfuxcfdgznz92wewvs8lr8re
Protocol Wallet 1: bc1ppd9xd0dgnt88wfxv4fudy407y4mvq8ar62r5xw9yrlzsfxxcr96sskfd2w
Protocol Wallet 2: bc1p7s7qa93gckae09lmvxpqm6j7xeva6a0pstu53397s7te86jeygxss0f0a4
Token Etchings
USDh Token Etching: USDH•USDH•USDH•USDH
sUSDH Token Etching: SUSDH•SUSDH•SUSDH•SUSDH
Stacks
USDh token contract: SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1
The circulating supply is verifiable on-chain by calling the get-total-supply method in the USDh token contract.
On the block explorer the get-total-supply function can be called under the Available functions tab to independently verify USDh's circulating supply on Stacks.
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