Founder’s Letter Q2 2025

That quote has stayed with me for years. Not just because it’s beautiful, but because it’s true. Making something great, insanely great, is an act of care. You don’t do it for the metrics or the hype. You do it because building something thoughtful and enduring is the best kind of contribution you can make.

This quarter, we released Hermetica 2.0. It’s the clearest expression yet of what we’ve been working toward. A product that feels elegant but holds up under pressure. That shows you everything but still feels simple. That makes it easy to participate in Bitcoin finance without needing a manual. We rethought everything. Every layout, every flow, every detail was rebuilt with intent to serve today’s users and scale with everything that’s coming next. The result is an interface that feels crisp, intuitive, and fast.

Transparency shaped how we build. This quarter, we launched the Transparency Dashboard, a real-time view into USDh’s backing, reserve fund, venue distribution, and total supply. Combined with our monthly attestations from institutional-grade custodians Copper and Ceffu, this gives users full visibility into the foundation that supports USDh. We also introduced the APY Dashboard to surface yield data and protocol performance over time. These tools set a new benchmark for stablecoin transparency.

Onboarding is now easier. KYCed users can now mint or redeem USDh directly from Ethereum using USDC, in one on-chain transaction. For non-KYC users, we’ve integrated the Allbridge app to bridge USDC into Stacks. From there, users can easily swap USDC for USDh through Bitflow and Velar, giving everyone a way to access Bitcoin-backed stability, regardless of where they start.

On the infrastructure side, we’ve rebuilt our internal security stack. This included reworking internal OpSec protocols, incident response, team operations, and access controls. The deeper we go into BTCfi, the more responsibility we carry, and that requires discipline at every layer of the system.

Still, this is just the midpoint. We’re already heads down building the next set of tools. New products that go beyond stablecoins. New ways to interact with Bitcoin natively. More utility, more composability, and more yield, all without giving up on the values that got us here.

Our mission hasn’t changed. We are enabling global financial freedom by building a financial system on Bitcoin. One that can stand the test of time. That mission only works if the products we build are actually great, deeply considered, well executed, and worth using every day. That’s what we’re here to do. And we’re going to keep going until our vision is realized.

Thank you for building with us, for testing, for staking, for giving feedback, and for holding us to a higher standard.

We’ll keep earning it.

Jakob
Founder, Hermetica