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Custodian Attestations of Assets Backing USDh: April 2025

Author

Hermetica Labs
April 30, 2025

In an effort to improve the transparency of the Hermetica protocol’s backing assets, we are excited to share our fourth attestation report from all integrated custodians, verifying the assets backing USDh reside off-exchange within institutional custodial solutions.

Attestation reports are released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol.

As of 15:00 UTC April 23rd, 2025, USDh supply was $5,612,526.89 per the sources below

$526,446.38 USDh on Runes per the etchings and protocol addresses below:

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

$3,080,574.81 has been verified to be held within solutions offered by Copper as of 15:00 UTC March 19th, 2025, including unrealized P&L.

$1,960,000.00 has been verified to be held within solutions offered by Ceffu as of 15:00 UTC April 23rd, 2025, including unrealized P&L.

At 15:00 UTC April 23rd, 2025, there was $571,409.21 in the Redeeming Reserve and $50,149.59 in the Reserve Fund.

In summary, as of the snapshot time:

• USDh supply: $5,608,450.35
• Copper custodied assets: $3,080,574.81
• Ceffu custodied assets: $1,960,000.00
• Redeeming Reserve: $571,409.21
• Total backing assets: $5,611,984.02
• Reserve Fund: $54,226.14
• USDC: $50,149.59
• USDh: $4,076.54
• Total % of USDh: 100.97%

Ceffu Attestation:

Copper Attestation: