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Custodian Attestations of Assets Backing USDh: November 2025

Author

Hermetica Labs
November 26, 2025

In an effort to improve the transparency of the Hermetica protocol’s backing assets, we are excited to share our eleventh 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 16:00 UTC November 19, 2025, USDh supply was $5,120,174.19 per the sources below.

4,408,531.03 USDh on Stacks per the Stacks explorer link:

705,117.71 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

$2,546,910.50 has been verified to be held within solutions offered by Copper as of 16:00 UTC November 19, 2025, including unrealized P&L.

$2,194,370.49 has been verified to be held within solutions offered by Ceffu as of 16:00 UTC November 19, 2025, including unrealized P&L.

At 16:00 UTC November 19, 2025, there was $366,991.92 in the Redeeming Reserve on Stacks, $12,099.28 in the Redeeming Reserve on Ethereum, $0.00 in the Minting Wallet, and $75,148.12 in the Reserve Fund.

In summary, as of the snapshot time:

  • USDh supply: $5,120,174.19

  • Copper custodied assets: $2,546,910.50

  • Ceffu custodied assets: $2,194,370.49

  • Redeeming Reserve Stacks: $366,991.92

  • Redeeming Reserve Ethereum: $12,099.28

  • Minting Wallet: $0.00

  • Total backing assets: $5,120,372.19

  • Reserve Fund: $81,673.57
    • USDC: $75,148.12
    • USDh: $6,525.45

  • Total % of USDh: 101.47%

Ceffu Attestation:

Copper Attestation: