According to ChainCatcher, Defi protocol Hermetica launched the BTC-backed stablecoin USDH. Hermetica claims that USDH can always be exchanged for $1 worth of BTC, providing users with a non-custodial option.

The launch aims to eliminate the need for Bitcoin users to rely on centralized exchanges or fiat-backed stablecoins on alternative chains.

The company also announced plans to expand its Bitcoin-native defi operations using second-layer solutions such as Stacks.