Hermetica Introduces Bitcoin-Backed Synthetic Dollar on Bitcoin L1

Bitcoin-based decentralized finance (defi) protocol Hermetica has launched its BTC-backed synthetic dollar, USDH, on Bitcoin's layer one (L1) through the Runes protocol. The company also announced plans to scale its Bitcoin-native defi operations using layer two (L2) solutions like Stacks.

Source: news.bitcoin.com

Related symbols: BTCUSD