Hermetica, a leading Bitcoin (BTC) Stablecoin -Eemittent, has expanded his partnership with Bitcoin Layer 2 (L2) Network Stacks (STX), shared according to information with Finbold on Thursday 17 April.
The partnership dates from September 2024, when the issuer brought his synthetic dollar, USDH, to the network for the first time. Hermetics then entered $ 1.7 million in a seed financing round. USDH is fully supported by Bitcoin and linked to the dollar, so that holders can earn a yield of 25%.
How hermetic and USDH will strengthen the functionality of the six protocol
This latest development will use the USDH Mint process that is used for liquidations on the Lending Protocol of Stacks, Zest. In doing so, six SBTC-stundled loans, which benefit from the smart contract infrastructure of Hermetica, which can act as a bridge for centralized exchange ligidity in the direction of decentralized financial (Defi) rooms and in turn jump the BTCFI flywheel.
Hermetica’s Chief Executive Officer (CEO), Jakob Schillinger, thought about the goals and benefits of integration and explained that:
“USDH is the first and only stablecoin designed to offer liquidity to Bitcoin-Native Defi. By feeding the liquidations of Zens with USDH, we can enable scalable growth of SBTC-supported loans and establish USDH as the most important liquidity layer for Bitcoin-Native Finance.”
Tycho Onnasch, the CEO of six protocol, has further clarified the mechanics with which the network will benefit after he declared:
“With indigenous SBTC-to-usdh-Minting we can now handle liquidations more easily and our SBTC loan offer scales. Hermetica has supplied an important primitive for Real Defi on Bitcoin, directly connected to what we build at six: Stacks Defi on the Bitcoin Standard.”
With the partnership, the loan collection on the six protocol has been extended to more than $ 1 million USDH, triple the previous amount.
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