Custodian Attestations of Assets Backing USDh: February 2025

In an effort to improve the transparency of the Hermetica protocol’s backing assets, we are excited to share our second 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 19 February, 2025, USDh supply was 4,956,456.16 per the sources below.

4,472,456.16 USDh on Stacks per the Stacks explorer link: https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1?chain=mainnet

484,000.00 USDh on Runes per the etchings and protocol wallets below:

• USDh Token Etching: USDH•USDH•USDH•USDH

• USDh & sUSDh Cold Wallet: bc1q24t48s4lyks0309u9arqtqcrj5txc73pf6xfuxcfdgznz92wewvs8lr8re

• Protocol Wallet 1: bc1ppd9xd0dgnt88wfxv4fudy407y4mvq8ar62r5xw9yrlzsfxxcr96sskfd2w

• Protocol Wallet 2: bc1p7s7qa93gckae09lmvxpqm6j7xeva6a0pstu53397s7te86jeygxss0f0a4

The circulating supply is verifiable on-chain by subtracting the tokens held in the cold and protocol wallets from the total supply:

Circulating supply = 1 quadrillion — cold wallet — protocol wallets

$3,064,369.09 has been verified to be held within solutions offered by Copper as of 15:00 UTC 19 February, 2025, including unrealized P&L.

$1,947,400.00 has been verified to be held within solutions offered by Ceffu as of 15:00 UTC 19 February, 2025, including unrealized P&L.

In summary, as of the snapshot time:

• USDh supply: 4,956,456.16

• Copper custodied assets: $3,064,369.09

• Ceffu custodied assets: $1,947,400.00

• Total backing assets: $5,011,769.09

• Reserve Fund: $47,385.23

• Total % of USDh: 101.11%

Ceffu Attestation:

Copper Attestation: