Custodian Attestations of Assets Backing USDh: March 2025

In an effort to improve the transparency of the Hermetica protocol’s backing assets, we are excited to share our third 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 March 19th, 2025, USDh supply was $5,005,363.87 per the sources below

4,482,588.74 USDh on Stacks per the Stacks explorer link: https://explorer.hiro.so/txid/SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1?chain=mainnet

$522,775.13 USDh on Runes per the etchings and protocol addresses below:

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

• USDh & sUSDh Cold Wallet: bc1q24t48s4lyks0309u9arqtqcrj5txc73pf6xfuxcfdgznz92wewvs8lr8re

• Protocol Address 1: bc1ppd9xd0dgnt88wfxv4fudy407y4mvq8ar62r5xw9yrlzsfxxcr96sskfd2w

• Protocol Address 2: bc1p7s7qa93gckae09lmvxpqm6j7xeva6a0pstu53397s7te86jeygxss0f0a4

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

$3,058,344.37 has been verified to be held within solutions offered by Copper as of 15:00 UTC March 19th, 2025, including unrealized P&L.

$1,955,600.00 has been verified to be held within solutions offered by Ceffu as of 15:00 UTC March 19th, 2025, including unrealized P&L.

At 15:00 UTC March 19th, 2025, there was $40,149.59 in the Reserve Fund.

Reserve Fund Address: 0xB7Fc1162B65a4a01F0924dDa980D52B629fEa9a6

In summary, as of the snapshot time:

• USDh supply: $5,005,363.87
• Copper custodied assets: $3,058,344.37
• Ceffu custodied assets: $1,955,600.00
• Total backing assets: $5,013,944.37
• Reserve Fund: $48,730.09
• USDC: $40,149.59
• USDh: $8,580.50
• Total % of USDh: 100.97%

Ceffu Attestation:

Copper Attestation: