> For the complete documentation index, see [llms.txt](https://docs.hermetica.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hermetica.fi/usdh/how-it-works/backing.md).
# 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.
2026 Attestations
* [January 2026](https://blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-january-2026)
* [February 2026](https://blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-february-2026)
* [March 2026](https://blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-march-2026)
* [April 2026](https://blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-april-2026)
* [May 2026](https://blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-may-2026)
2025 Attestations
* [January 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-january-2025)
* [February 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-february-2025)
* [March 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-march-2025)
* [April 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-april-2025)
* [May 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-may-2025)
* [June 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-june-2025)
* [July 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-july-2025)
* [August 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-august-2025)
* [September 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-september-2025)
* [October 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-october-2025)
* [November 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-november-2025)
* [December 2025](https://www.blog.hermetica.fi/p/custodian-attestations-of-assets-backing-usdh-december-2025)
## 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](https://mempool.space/address/141Pg9KB1fLgqY3vTABhrKoKyQDD7jjj9a)
* Ceffu 2: [16GCfT1bnJR6yZy5uZiBKDAc4HMyF2e9dS](https://mempool.space/address/16GCfT1bnJR6yZy5uZiBKDAc4HMyF2e9dS)
* Copper: [bc1qag4ur2guhalkl8hxx6uy9v0pq4e3l2sxlst9v5](https://mempool.space/address/bc1qag4ur2guhalkl8hxx6uy9v0pq4e3l2sxlst9v5)
## 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](https://ordinals.com/address/bc1q24t48s4lyks0309u9arqtqcrj5txc73pf6xfuxcfdgznz92wewvs8lr8re)
* Protocol Wallet 1: [bc1ppd9xd0dgnt88wfxv4fudy407y4mvq8ar62r5xw9yrlzsfxxcr96sskfd2w](https://ordinals.com/address/bc1ppd9xd0dgnt88wfxv4fudy407y4mvq8ar62r5xw9yrlzsfxxcr96sskfd2w)
* Protocol Wallet 2: [bc1p7s7qa93gckae09lmvxpqm6j7xeva6a0pstu53397s7te86jeygxss0f0a4](https://ordinals.com/address/bc1p7s7qa93gckae09lmvxpqm6j7xeva6a0pstu53397s7te86jeygxss0f0a4)
**Token Etchings**
* USDh Token Etching: [USDH•USDH•USDH•USDH](https://ordinals.com/rune/USDH%E2%80%A2USDH%E2%80%A2USDH%E2%80%A2USDH)
* sUSDH Token Etching: [SUSDH•SUSDH•SUSDH•SUSDH](https://ordinals.com/rune/SUSDH%E2%80%A2SUSDH%E2%80%A2SUSDH%E2%80%A2SUSDH)
### Stacks
USDh token contract: [SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1](https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1?chain=mainnet)
The circulating supply is verifiable on-chain by calling the `get-total-supply` method in the [USDh token contract](https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1?chain=mainnet).
{% hint style="success" %}
On the [block explorer](https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.susdh-token-v1?chain=mainnet) the `get-total-supply` function can be called under the `Available functions` tab to independently verify USDh's circulating supply on Stacks.
{% endhint %}
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