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USDh is issued natively on Bitcoin Layer 1 and 2s and is designed to maintain a $1 target value through 1:1 reserve backing and delta-neutral basis positions. Hermetica publishes monthly attestations detailing protocol assets, liabilities, and reserve coverage.

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Assets

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Custodians

The BTC assets backing the protocol are securely held in institutional-grade custodians. All assets used to margin trades are stored in the off-exchange settlement solutions of Copper (Clearloop) and Ceffu (MirrorX) . The custodians deposit addresses show the protocol inflows from minting transactions:

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Liabilities

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Runes

The Runes protocol requires the entire token supply to be defined in the initial etching transaction. Both USDh and sUSDh have a total supply of 1 quadrillion tokens, stored in the protocol’s reserve. Tokens enter circulation through minting and staking. 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

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Stacks

USDh token contract: SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1 The circulating supply is verifiable on-chain by calling the get-total-supply method in the USDh token contract.
On the block explorer the get-total-supply function can be called under the Available functions tab to independently verify USDh’s circulating supply on Stacks.