Founder’s Letter Q3 2025

This quarter wasn’t loud. It wasn’t meant to be. It was a season of focus. We doubled down on what we’ve built, made it faster and more ready for what comes next.

That effort drove progress. We improved USDh onboarding by expanding wallet support for the cross-chain swap. Users can now access USDh directly from USDC using MetaMask, Phantom, or OKX. 

We also gave USDh and sUSDh a clearer visual identity. The updated color palette is intentional, designed to match the clarity we aim for in the product itself. As the protocol evolves, every detail, from interface to symbol, should reflect where we’re headed and what we stand for.

Underneath, the engine held steady. USDh delivered peak APYs of 22% this quarter. The strategy maintained a positive yield on 88% of all days. Our Reserve Fund also grew by 18.7%. That growth kept pace with TVL, serving as a guarantee that the peg coverage remains strong. When funding turns negative, the reserve steps in. This is what makes the system reliable, even when the market is not.

Most importantly, we continued building. Months of focused development work are bearing fruit. We are nearing the launch of a new product that solves an old problem in Bitcoin finance - yield. The details are not public yet, but you will want to keep a close eye on our socials and your inbox in the coming weeks. You do not want to miss what we are about to reveal, and fast movers will be rewarded.

To everyone who stayed close this quarter, thank you. We see every stake, every swap, every time you choose USDh. We know the trust that takes, and we’re building to keep earning it. The next chapter begins soon.

Jakob
Founder, Hermetica