USDh now earns from STRC, harnessing the growth of digital credit markets to deliver a second, distinct yield source through stUSDh.
Digital credit has scaled rapidly; Strategy’s STRC program alone reached roughly $8.5B outstanding, with a $200M portion tokenized on Ethereum.
We are proud to be among the first protocols to see what BTC credits like STRC mean for on-chain yield.
One Platform, Two Yield Engines
The USDh platform now offers two liquid staking paths. Stake USDh into sUSDh to earn yield from BTC perp funding, or into stUSDh to earn yield sourced from STRC.
sUSDh was the first route, giving stakers access to yield from Bitcoin basis, one of the most liquid yield sources in Bitcoin capital markets. In 2025, sUSDh generated an average annual return of 10.56% distributed to USDh stakers daily.
The platform welcomes a second product: stUSDh.
stUSDh extends USDh into digital credit. Issued by Strategy, the world's largest corporate Bitcoin holder, STRC is a perpetual preferred security that pays monthly cash dividends and trades near a $100 par value.
Since its launch in July 2025 at 9%, STRC has undergone seven consecutive rate increases to its current annualized rate of 11.50%, maintaining 30-day volatility of approximately 1.7%. Strategy maintains a $2.25 billion USD reserve, covering more than 2.5 years of STRC dividends and interest payments, alongside 815,061 BTC in reserve, enough to cover 41 years of dividends.
Basis monetizes demand for leverage in Bitcoin derivatives markets. STRC monetizes demand for Bitcoin-backed corporate credit.
How We Access STRC
At launch, stUSDh accesses STRC through Saturn’s USDat platform, which offers exposure to STRC as its backing asset.
Execution of USDat backing is handled by Galaxy, while custody is operated by prime brokerage Clear Street. Saturn will work with Accountable to offer third-party attestation transparency of backing assets.
Hermetica uses Copper Connect’s MPC wallet infrastructure to interact with Saturn without assets leaving qualified custody.
Future of the Bitcoin-Backed Yield Curve
USDh began with one yield engine: BTC funding. Our integration of STRC is the first step toward a broader Bitcoin income stack; the yield curve for Bitcoin.
The STRC integration is now live at the infrastructure layer, and current protocol allocations to STRC are visible on Hermetica’s Transparency Dashboard.
stUSDh will be available soon. Once live, it will give USDh holders a second staking route and a second return stream linked to digital credit.
Join the stUSDh waitlist for exclusive access at launch:
